ECON 2010 Lecture Notes - Black Market, Fixed Investment, Business Cycle
Document Summary
The study of the economy as a whole, including topics such as inflation: most economies do not experience constant performance but uneven, cyclical growth. A period of increasing economic activity, marked by rising levels total production & total economy, certain industry sectors or regions may experience their own goals. Gdp: measuring total production & income employment. employment decrease: thee is a specific condition whereby a recession is official. The period of declining economic activities, where levels of total production & total: business cycle, economic growth often refers to the ability of an economy to produce increasing quantities of goods. Alternating periods of economic expansion & economic recession: recession. & services. (as an aside, often this term is used to describe the rate of growth for gdp): economies have a growing population, economists suggest economic growth produces a better standard of living. Because with increased output comes increased employment & wages allowing for greater access to goods & services.
