1. Recession is when real GDP declines over a period of 6 months or more = to two successive quarters. 2. Nominal GDP is GDP at current prices that has been adjusted for inflation as yet, real GDP is GDP that has been adjusted for inflation, overral GDP is the monetary value of final goods and services rendured. 3. higher economic growth means that there would be more government revune this could mean individuals and business are doing better and govement could focus on improving infastruce such as building hospitals and that will then create jobs leading to the unemployment being less. The would be an improvement in the living standard more economic activity as householders have more disposable income improving their purchasing power this will then lead to them being for satisfied with their living standards. 4. Improved living of standards, An increase in GDP can also lead to an improvement in the standard of living for individuals and households. Additionally, a growing economy can lead to technological advancements and innovations, Reduced employment, An increase in Gross Domestic Product (GDP) can lead to increased employment opportunities as businesses expand and invest firms require more workers to meet the rising demand for goods and services, leading to a decrease in unemployment rates. 5. Investment in physical capital, such as machinery, equipment, and infrastructure, can also contribute to economic growth. This type of investment enables firms to increase their output and productivity, leading to higher profits and more job opportunities. Infrastructure investment, such as building roads, bridges, and ports, can increase the connectivity of regions and enable the efficient movement of goods and people. This can lead to the development of new markets and industries, which can drive economic growth. Technological progress is a significant driver of economic growth because it increases the productivity of workers and firms. Technological advancements can lead to the development of new and more efficient production techniques, which can lower costs and increase output. Additionally, new technologies can create entirely new industries and markets, generating new job opportunities and driving economic growth. 6.