the q stands for output

it is a period of low output and low employment

The optimal mix of output is known in economics as the most desirable combination of output attainable with available resources, technology, and social values.

Micro economics is a branch of economics. It is a study of individual person, household, firm or industry. It involves determination of prices, quantity demanded and supplied, prices and output, etc.

Potential output is the capacity to produce should all factors be employed in an economy. For example, it is the output should there be no unemployment, no spare labour and no spare capital. It is unlikely that actual output will be the same as potential ouput since there is always unemployment.