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Last updated 9:19 AM on 8/27/26
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4 Terms

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economic growth

Economic growth refers to an increase in the output produced by an economy—that is, real GDP—over a period of time, generally a year.

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Distinguish between nominal and real GDP.

Nominal GDP measures a country's economic output without adjusting for inflation, whereas real GDP accounts for inflation, providing a more accurate representation of economic growth over time.

3
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natural rate of unemploymnet

The natural rate of unemployment is the level of unemployment that persists when the economy is at full employment, caused by frictional and structural factors rather than changes in aggregate demand.

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