Economic Cycle Flashcards
(8 cards)
1
Q
Long term GDP in the Uk
A
2.5%
2
Q
Boom
A
The expansion and peak phases of the business cycle
High employment, high confidence,
Low skill shortages, high investment, (too) high inflation
3
Q
Recession
A
Low employment
High skill shortages
Low confidence
Low investment
Low inflation
4
Q
Recovery
A
Growing employment
Growing confidence
Less skill shortages Low
Rising inflation
Increasing investment
5
Q
Downturn
A
Lower employment
Increasing skill shortages
Low confidence
Low investment
Falling inflation
6
Q
Indicators
A
Tell us what is happening
Eg GDP wages interstate rates
7
Q
Stagflation
A
High employment with high inflation
8
Q
Why has Chinas gdp grown by 10% in 30 yrs?
A
New technologies
The move to industrialisation
Move from agriculture to manufacturing
Start from low point
