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The economic cycle

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AQA, Economics, AS Level, ECON2, National, Economy, Aquinas,

AQA, Economics, AS Level, ECON2, National, Economy, Aquinas,

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  • 1. ECON2 WWW.AQUINASECONOMICSAS.CO.UK @AQUINASECONOMIC The Economic Cycle Answer all the questions below 1. Define the term Economic Growth 2. Define the term Gross Domestic Product 3. What was the growth rate for the last quarter in the UK Economy? 4. What is the difference between trend growth and actual growth? Use a diagram to support your answer 5. Explain with reference to your diagram what a negative output gap is 6. Explain with reference to your diagram what a positive output gap is 7. On a graph label the following and explain what is meant by each a. Boom b. Bust c. Recovery d. Recession

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