Examlex
Why is it not a good idea for a developing country to avoid having a trade deficit?
Output
The quantity of goods or services produced in a given time period by a firm, industry, or country.
Contraction
A period during which the economy declines as reflected by falling output, employment, income, and other aggregate measures.
Expansion
A period during which the economy grows as reflected by rising output, employment, income, and other aggregate measures
Long-term Growth
The sustained increase in the economic output of a country or region over a significant period.
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