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buisness flashcards (Y9, Y10, Y11) > Buisness unit 6 > Flashcards

Buisness unit 6 Flashcards

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14
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definition of GDP

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gross domestic product (the total value of output of goods and services in a country in a year

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16
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what is growth (in a GDP graph)

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GDP s rising and unemployment is falling

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what is boom (in a GDP graph)

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GDP is very high unemployment is low meaning increased demand for goods and services buisness will always want to increase output but will struggle to survive

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what is slump (in a GDP graph)

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GDP is falling greatly. there is

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what is recession (in a GDP graph)

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buisness flashcards (Y9, Y10, Y11) (6 decks)

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