Chapter 25 keywords 11EC

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Draggable item		Corresponding Item
Recession		an increase in the level of output / production of a nation
Poverty		Number of citizens working within the economy
microeconomics		level of income, necessities, luxury, and other goods and services available to each citizen
macroeconomics		individuals or households have insufficient income to afford the basics of life: food, shelter, heat, clothing
Economic growth		This shows the different stages of growth and contraction that an economy goes through over time
Employment		Peak of the economic cycle where GDP grows fastest
Downturn		Period of temporary economic decline, trade reduced, GDP falls in 2 successive quarters
National income		Period in economic cycle where GDP grows, slowly
Standards of living		Market value of all goods and services produced used to measure economic growth
Economic cycle		Value of income, output or expenditure over time
GDP		Study of large economic systems such as those of a whole country or area of the world
Boom		Study of small economic systems that are part of national or international systems