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Introducing Concepts - Economic Growth definitions

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Terms in this set (13)

  • Economic Growth
    A sustained increase in output per person, often leading to a higher standard of living over time.
  • Standard of Living
    The level of wealth, comfort, and material goods available to individuals or households in an economy.
  • Output per Person
    The average amount of goods and services produced for each individual in a population.
  • Industrial Revolution
    A historical period marked by rapid increases in production due to technological advancements and machinery.
  • Population
    The total number of people residing within a specific area or country, influencing per capita calculations.
  • Per Capita
    A measurement expressed for each individual, often used to compare output or income among populations.
  • Real GDP
    A measure of total economic output adjusted for constant prices, allowing for accurate comparisons over time.
  • Business Cycle
    The recurring pattern of expansions and recessions in economic activity over time.
  • Recession
    A period of declining economic activity, often visible as a decrease in output and employment.
  • Expansion
    A phase in the business cycle where economic activity and output are increasing.
  • Great Depression
    A severe worldwide economic downturn beginning in 1929, marked by massive declines in output and employment.
  • World War 2
    A global conflict during the 1940s that led to a significant increase in production, especially of military goods.
  • Technology
    Innovations and tools that enhance production efficiency and contribute to higher output per person.