yr 10 economics

Labour Productivity

The amount of goods and services produced by a worker in a given time.

Capital

Resources used in the production of goods and services, including machinery and tools.

Capital Productivity

The measure of goods and services produced using a fixed amount of capital.

Economic Growth

The increase in the production of goods and services in an economy over time.

Gross Domestic Product (GDP)

The total value of all goods and services produced in a country within a specific period.

GDP per Capita

GDP divided by the population of a country.

Recession

A decline in economic growth over a period of 2 or more quarters (6 months).

Depression

A decline in economic growth over a period of 2 or more years.

Sustainable Economic Growth

Growth that drives higher living standards and creates jobs without harming the environment or depleting resources.

Improved Living Standards

Higher income levels and better job opportunities resulting from economic growth.

Employment Opportunities

Increased job creation due to economic growth, reducing unemployment.

Economic Stability

Steady growth that helps avoid downturns and recessions.

Environmental Protection

The emphasis on protecting natural resources and reducing pollution in sustainable growth.