Details Title: CH 15 Description: Economic Growth Total Flash Cards: 12 Created: 11/18/2007 18:22:34		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Economics Flashcards
Cards in this set: Term Economic Growth Definition increase in output; expansion of production possibilities Term Nominal GDP Definition total value of goods and services measured in current prices Term Real GDP Definition GDP minus inflation Term Growth Rate Definition % change in Real GDP Term GDP per capita Definition average GDP   Total GDP/Total Population Term Labor Force Definition all people over 16 who are working or looking for work Term Employment Rate Definition proportion of adult population that is employed Term Productivity Definition output per unit of input Term Investment Definition expenditures on production and capital Term Saving Definition income minus consumption Term Crowding Out Definition reduction in private sector borrowing caused by increased govt borrowing (Govt comes first) Term Crowding In Definition Increase in private sector borrowing caused by decreased govt borrowing