National Income, Equilibrium, and Growth (Edexcel A-Level Economics A): Flashcards

Increase in economy's productive capacity

Rate of increase in real GDP over time

Economy operates below full employment level

Actual GDP exceeds normal capacity (temporary)

GDP falls for two or more consecutive quarters

Stock of skills & expertise boosting worker productivity

Growth strategy based on rapid expansion of exports

Pattern of real GDP fluctuating around underlying trend

Meets present needs without compromising future generations

Output per worker or output per hour worked