Output gaps

The output gap is the difference between the actual level of national output and its potential level and is usually expressed as a percentage of the level of potential output. In this revision article we link the output gap to aspects of macroeconomic performance.

http://www.tutor2u.net/blog/index.php/economics/comments/revision-linking-output-gap-to-other-macro-issues/

Trend growth

This revision note looks at trend or long term growth in an economy. The trend rate of growth is the long run average rate for a country over a period of time. Measuring the trend requires a long-run series of data to identify the different stages of the economic cycle and then calculate average growth rates from peak to peak or trough to trough.

http://www.tutor2u.net/blog/index.php/economics/comments/revision-trend-growth/

The output gap

The output gap is the difference between the actual level of national output and its potential level.

http://www.tutor2u.net/blog/index.php/economics/comments/revision-the-output-gap/#extended