Economy Flashcards
What characterizes a depression in the economy?
Significant GDP decline
What is economic growth?
An increase in the amount of goods and services produced by an economy over time, typically measured as GDP growth.
What is a boom in the economy?
A period of significant economic growth with high employment, rising consumer confidence, and increased investment.
What defines a recession?
A period of temporary economic decline marked by falling GDP, rising unemployment, and decreased consumer spending.
What is a slump in the economy?
A prolonged period of poor economic performance, typically marked by high unemployment and stagnant production.
What distinguishes a depression from a recession?
A depression is more severe and lasts longer, characterized by a substantial decline in GDP and widespread financial stress.
What was a key feature of the Celtic Tiger era?
High GDP growth
