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Definition
| Is the study of the economics of a nation as a whole. |
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| Gross Domestic Product (GDP) |
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Definition
| The total value of all final goods and services produced in an economy |
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| Consumer Price Index (CIP) |
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Definition
| Measures the monthly changes in the costs of goods and services by monitoring the prices of goods and services that are typically purchased by consumers |
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Definition
| When prices and unemployment rise simultaneously |
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Definition
| The amount of money owed by the federal government |
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Definition
| Refers to how much money over budget the government is in a given year |
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Definition
| When the economy is expanding and doing well |
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| The amount of goods and resounces a nation is exporting and selling once one subtracts the amount of total imports from total exports |
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Definition
| Caused by a lack of adequate demand for products |
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Definition
| Caused by changes in the nature of production (technology) |
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Definition
| The period individuals experience between the time they lave one job and the time they take to find another one |
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| Changes in the output of various industries throughout the year (construction) |
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| When households spend money |
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Definition
| The total amount of consumer spending |
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Definition
| Happens when: more consumers spend money, causing the economy to grow, because when consumers spend money businesses increase their profit making it easier for them to spend on new employees, technology, and resources. |
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Definition
| The amount of money taken in by households |
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Definition
| When the governments charge lower taxes, consumers have more to spend the money the consumers have leftover after taxes |
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Definition
| also affects the economy in several ways |
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Term
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Definition
| How the government chooses to tax citizens/businesses and spend the revenue it raises |
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Term
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Definition
| people who favor lower taxs and less government spending |
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| favor a more active government and would rather have higher taxes so that the governemnt can afford to fund social programs |
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Definition
| The supply of all products in the economy |
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| The demand for all products comdined |
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Definition
| a recurrent fluctuation in the total business activity of a country. |
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Definition
| The steady ride up for the economy |
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Definition
| (Prosperity) in which production is high unemployment is low and wages increase |
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Definition
| The period of time before the enconomy begins to come down |
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Term
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Definition
| Adecline in the nations GDP and negative economic growth for a period of time of more than 6 months |
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Definition
| Period with high unemployment low economic production and falling stock prices |
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Definition
| An extended period in which a nation's economy slows severly causing hardship for households businesses and the gpvernment |
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