Potential Real GDP output at full employment
Definition
Potential Real GDP output at full employment refers to the maximum level of production an economy can achieve when all resources are fully utilized, including labor, capital, and technology.
Related terms
Aggregate Supply: The total amount of goods and services that producers are willing and able to supply in an economy.
Labor Force Participation Rate: The percentage of the working-age population that is either employed or actively seeking employment.
Productivity: The measure of how efficiently inputs (such as labor and capital) are used to produce outputs (goods and services).
"Potential Real GDP output at full employment" appears in:
Study guides (1)
AP Macroeconomics - 3.5 Equilibrium in Aggregate Demand-Aggregate Supply (AD-AS) Model
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Cram Mode
AP Score Calculators
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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.