ADAS + GROWTH Flashcards
Inclusive growth
Rate of growth that is sustained over a period of time, is broad based across economic sectors with productive employment opportunities created for the majority of a country’s population
Sustainable growth
Sustained rate of economic growth which can be achieved without causing other significant economic problems like depleted resources and environmental problems, especially for future generations
Actual growth
Increase in the real national output of an economy in a given time period due to factors that result in a rise in AD and/or AS
Potential Growth
Long term expansion of an economy’s productive potential due to an increase in productive capacity arising from the rise in quantity and or quality of FOPs
High and Sustained Growth
Potential output expanding continuously while increasing economic activity
AD
Qty of domestically produced G&S that HH, govt, firms and foreigners are w&a to buy at each possible GPL
AS
total output of G&S that the firms in a country would like to produce and set at each GPL
Negative economic growth
fall in real GDP over time. if real gdp falls over for over 2 consecutive quarters, economy is in a recession
unsustainable growth
Rate of growth in a country results in the degradation of the environment and depletion of resources for future generations
Unemployment rate
Unemployment rate measures the percentage of the labour force of legal working age who are without jobs but are available for work, willing to work and actively seeking work at current wage rates.
DD Def UN
Refers to unemployment that is due to the lack of AD
Structural UN
Mismatch between the skills of unemployed workers and the skills required for available jobs.
