Your browser does not support JavaScript.
Home Categories Macroeconomics Economic growth is an increase in the production of goods and services in the economy. Economic recovery is the process of reallocating resources and workers from failed businesses and investing in new jobs and uses after a recession. Economic shocks are random, unpredictable events that have a wide impact on the economy and are caused by things that go beyond economic models. The employment-to-population ratio is a measure of the number of people employed relative to the total working-age population. The theory of endogenous growth argues that economic growth is primarily the result of internal forces, not external ones. The Euro is the official currency of the European Union (EU), adopted by 19 of the 27 EU member states. The European Community (EC) was created in 1957 as a way to develop trade cooperation and reduce tensions after World War II. The European Currency Unit (ECU) was the currency used by the European Monetary System (EMS) before it was replaced by the euro. The European Monetary System (EMS) was a managed exchange rate agreement created in 1979 to promote closer cooperation on monetary policy among members of the European Community (EU). The Eurozone refers to the economic and geographical region consisting of all countries of the European Union (EU) that use the euro as their national currency.