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Unformatted text preview: Economics Exam Doha Round - Plans to further reduce tariffs and quotas, as well as agricultural subsidies that distort trade Negative GDP – Current GDP is lower than last year Positive GDP – Current GDP is higher than last year Economic Growth – An increase in real GDP occurring over time or per capita Real GDP per capita – Dividing real GDP by the size of the population Economic Growth – By increasing its inputs of resources and by increasing the productivity of those inputs Improved products and services, added leisure, and other impacts Business cycle – Rises and declines in the level of economic activity, sometime over several years Peak – Temporary maximum Recession – a period of decline in total output, income, and employment This lasts 6 months or more, is marked by widespread contraction of business activity in many sectors of the economy...
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This note was uploaded on 03/27/2008 for the course ECON 2301 taught by Professor Staff during the Spring '08 term at TAMU Intl..
- Spring '08