Aggregate income represents the sum total of all incomes within an economy before adjusting for inflation, taxes, or types of double-counting. It is a fundamental economic measure essential for assessing the economic health and output of a nation.
The Consumption Possibility Line represents the maximum amounts of consumption possible at varying levels of disposable income, or of Gross Domestic Product (GDP).
National Income is a comprehensive measure of the overall economic activity within a country, reflecting the total income earned by the residents of a nation during a specific period, usually a year.
An empirical relationship between unemployment and gross domestic product (GDP), developed by economist Arthur Okun, which states that for every 1% increase in unemployment, there is a corresponding 2% decrease in the national GDP.
The term 'recovery' in various fields refers to the period when economic activity picks up after a downturn, absorption of costs or collections in finance, and rising prices in investment markets.
A U-shaped recovery is a type of economic recovery characterized by a gradual decline followed by a slow, but steady rebound in economic growth, typically measured by Gross Domestic Product (GDP).
