Details

Title: CH 15

Description: Economic Growth

Total Flash Cards: 12

Created: 11/18/2007 18:22:34

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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