chatper 26 key terms

chatper 26 key terms - Economic growth either an increase...

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Economic growth either an increase in real GDP occuring over some time period or an increase in real GDP per capita occuring over some time period Real GDP per capita found by dividing real GDP by the size of the population Rule of 70(*approximate number of years required to double real GDP=70/annual percentage rate of growth ) provides a quantitative grasp of the effet of economic growth. Tells that we can find the number of years it will take for some measure to double its given annual percentage increase productivity real output per unit of input business cycles alternating rises and declines in the level of economic activity, sometime over several years peak business activity has reached a temporary maximum (price level is likely to rise during this period) recession a period of decline in total output, income, and employment (increases in unemployment may occur) trough output levels "bottom out" and are at their lowest levels recovery
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This note was uploaded on 10/01/2011 for the course EC 211 taught by Professor Maui during the Spring '11 term at New Mexico.

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chatper 26 key terms - Economic growth either an increase...

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