Economic Prosperity
Definition
Economic prosperity is a period of wealth and good fortune in terms of financial growth or success within a society or country.
Analogy
Imagine you've been saving up your allowance for months without spending much. Suddenly you find yourself with more money than you're used to having - this is similar to economic prosperity on a larger scale.
Related terms
Gross Domestic Product (GDP): This is the total value of all goods produced and services provided in one year by a country.
Inflation: This is when prices for goods increase over time while purchasing power decreases.
Supply & Demand: These are economic models that determine price levels in a market based on availability (supply) versus desire/need (demand).
"Economic Prosperity" appears in:
Subjects (2)
Study guides (1)
Are you a college student?
Study guides for the entire semester
200k practice questions
Glossary of 50k key terms - memorize important vocab
Resources
© 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.