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Economic Growth and Cycles flashcards
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- What is meant by “Economic growth” in this lesson?Growth and living standards
- Economic growth commonly refers to rising real output over time.
- What is meant by “Capital accumulation” in this lesson?Growth and living standards
- Capital accumulation increases productive equipment and infrastructure.
- What is meant by “Innovation” in this lesson?Growth and living standards
- Innovation introduces or applies new products, processes, or organizational methods.
- What is meant by “Institutions” in this lesson?Growth and living standards
- Institutions are rules and organizations shaping incentives and economic interactions.
- What is meant by “Living standards” in this lesson?Growth and living standards
- Living standards concern material and broader conditions of life rather than output alone.
- What is meant by “Sustainable growth” in this lesson?Growth and living standards
- Sustainable growth considers whether gains can persist without unacceptable resource or environmental damage.
- What is meant by “Expansion” in this lesson?Business cycles
- An expansion is a period of broadly increasing economic activity.
- What is meant by “Peak” in this lesson?Business cycles
- A peak marks the transition from expansion toward contraction in a dated cycle.
- What is meant by “Contraction” in this lesson?Business cycles
- A contraction is a broad decline in economic activity over a period.
- What is meant by “Trough” in this lesson?Business cycles
- A trough marks the transition from contraction toward recovery.
- What is meant by “Aggregate demand” in this lesson?Business cycles
- Aggregate demand represents planned economy-wide spending in a macroeconomic model.
- What is meant by “Economic shock” in this lesson?Business cycles
- A shock is an unexpected disturbance affecting economic conditions.
- What is meant by “Recession” in this lesson?Recession and recovery
- A recession is a significant broad decline in economic activity; dating methods vary by institution.
- What is meant by “Demand shortfall” in this lesson?Recession and recovery
- A demand shortfall reduces sales and can lead firms to cut production.
- What is meant by “Supply disruption” in this lesson?Recession and recovery
- A supply disruption reduces productive capacity or raises production costs.
- What is meant by “Recovery” in this lesson?Recession and recovery
- Recovery is renewed activity after a contraction, with uneven timing across measures.
- What is meant by “Policy lag” in this lesson?Recession and recovery
- A policy lag is a delay in recognition, implementation, or effect.
- What is meant by “Scarring” in this lesson?Recession and recovery
- Scarring is persistent damage after a downturn, such as lost skills or investment.