3.1 Economic Growth key terms Flashcards
1
Q
define the term economic growth
A
growth in GDP over time
2
Q
define the term Gross Domestic Product (GDP)
A
the total value added of goods and services produced in a country in a year
3
Q
how do you calculate GDP per capita?
A
GDP per capita is GDP divided by the population of the country
4
Q
define the term boom
A
a period of time of high economic activity and high levels of employment
5
Q
define the term recession
A
a period of time when the country’s GDP falls for 2 (or more) consecutive quarters
6
Q
define the term labour force
A
the number of people who work in a country
