90. Economic growth ( ) - rate of increase in output per capita.
91. Output growth, total ( ) - annual percentage rate of increase in GNP, usually averaged over a period of years.
92. Output growth, per capita ( ) - annual percentage rate of increase in GNP per head of population, usually averaged over a period of years.
93. The sources of economic growth ( ) - (1) increase in factor supplies, and (2) increase in factor productivity.
94. Factor supplies ( ) - worker-hours of labor used in production and the size of the capital stock.
95. Factor productivity ( ) - the amount of output per unit of factor inputs.
96. Labor productivity ( ) - total output divided by the quantity of labor employed to produce the output; or output per worker per hour.
97. Total factor input ( ) - combined rate of increase in labor and capital inputs, weighted by the share of each in national income.
98. Total factor productivity ( ) - rate of increase in output minus rate of increase in total factor input; also called the residual.
99. Embodied technical progress (, ) -technical progress incorporated in the growth of labor or capital inputs.
100. Disembodied technical progress ( ) - technical progress external to labor and capital inputs (improvements in management, organizational improvements, etc.)
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101. Multiplier () - the ratio of the change (increase) in the equilibrium NNP to the change (increase) in investment.
102. Accelerator hypotheses ( ) - states that the level of net investment depends on the change in expected output.
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103. Economic fluctuation ( ) - a general upward or downward movement in output and employment, pervading many sectors of the economy.
104. Business cycle ( , ) - alternating periods of higher and lower rates of economic growth; recurrent ups and downs over a period of years in the level of economic activity.
105. Upswing () - a pervasive upward movement in output and employment.
106. Boom (, ) - a period of rapid economic growth and, usually, lower than average unemployment.
107. Upper turning point ( ) - short period during which an upswing ends and a downswing begins.
108. Downswing () - a pervasive downward movement in output and employment.
109. Recession () - the contraction phase of a business cycle; a mild downswing in output and employment.
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110. Depression () - a severe contraction phase of a business cycle involving prolonged decline in output and employment; a period of low national income and high unemployment.
111. Slump () - a period of lower than average national income and higher than average unemployment, particularly one that has continued, or is expected to continue, for a number of years.
112. Lower turning point ( ) - short period during which a downswing ends and an upswing begins.
113.Stagnation () - contraction in the economy's aggregate output.
114. Stagflation () - inflation accompanied by stagnation in the rate of growth of output and a high unemployment rate in the economy; simultaneous increases in both the price level and the unemployment rate.
115. Inflation () - a rise in the general (average) level of prices in the economy.
116. Deflation () - a fall in the general (average) level of prices in the economy.
Since economic fluctuations are centered in the investment industries, we must look further into the short-run behavior of business investment. A basic distinction here is between autonomous investment and induced investment.
117. Induced investment ( ) -is capacity-oriented investment, occurring in response to changes in consumer demand; investment induced by an increase in demand.
118. Autonomous investment ( ) - investment not due to an increase in demand; usually associated with innovation.
119. Innovation () - application of an invention in production.
120. Acceleration principal ( ) -fluctuations in final sales of a product tend to produce larger fluctuations in induced investment.
