Recession. A recession is a natural element of the business cycle that occurs when the economy declines for two consecutive quarters. A depression, on the other hand, is a prolonged decline in economic activity that lasts years rather than months. What is the polar opposite of an economic depression? A recession and a depression are […]
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Using median household income to determine which states are the wealthiest looks very different. Because population has a significant impact on GDP, the states with the highest GDPs tend to be the largest, as shown below. Except for Florida and New York, three of the five richest states’ GDPs correspond to their population ranks. While
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In the United States, the 1970s were the decade of inflation. While it may come as a surprise to some that the average inflation rate for the decade was only 6.8%, this pace is roughly quadruple the rate of the previous two decades and double the long-run historical norm (see table 12.1). In the 1970s,
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People from various economic origins will feel the effects of a recession in various ways. There will be an increase in unemployment, a decrease in GDP, and a decline in the stock market. A recession, on the other hand, could be far more damaging to an unemployed single mother of two than it would be
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The fundamental reason for Ireland’s high GDP growth rates is that, in recent years, a number of large multinational firms have transferred their economic activities, and more especially their underlying intellectual property, to Ireland, largely due to low corporate tax rates. Why is Ireland’s economy doing so well? A high FDI rate, a low corporation
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Per-capita GDP (constant LCU) The definition is long. Gross domestic product divided by midyear population equals GDP per capita. Gross domestic product (GDP) at purchaser’s prices is the sum of gross value contributed by all resident producers in the economy, plus any product taxes, minus any subsidies not included in the product value. What is
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According to Alpha Bank’s weekly newsletter on economic trends, Greece’s low inflation is owing to both foreign and internal variables, including as the euro/dollar exchange rate and the decline in oil prices. Which European nation has the highest rate of inflation? The European Union’s inflation rate was 6.2 percent in February 2022, with Lithuanian prices
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It is the long-run aggregate supply of an economy. The economy will completely utilize all of its resources and perform at maximum capacity at this level of output. With greater quantity and improved quality of production factors and technology, potential GDP rises. What causes a rise in potential GDP? The size of the labor force
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Personal consumption, private investment, government spending, and exports are all factors that go into calculating a country’s GDP (minus imports). In the United States, who determines GDP? Gross domestic product, or GDP, is the most widely used indicator of national economic growth. The Bureau of Labor Statistics (BLS) of the United States collects and compiles
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Small businesses are an important part of the American economy. There are more than 27 million small enterprises in the United States, and they account for over half of the country’s gross domestic product (GDP) (Office of Advocacy, 2010). The business world as we know it now is molded by the millions of people who
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