Term
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Definition
Firms-->Market
Buyers & Sellers |
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Term
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Definition
Market-->Whole economy
US & Foreign |
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Term
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Definition
| measure of the reoccurring ups & downs in the level of economic activity in the economy over time. |
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Term
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Definition
| when business activity is at its maximum |
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Term
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Definition
| 6+ months when business activity declines |
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Term
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Definition
| when business activity reaches its lowest |
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Term
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Definition
| When business activity expands |
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Term
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Definition
| total value of goods and services produced in an economy in a given year. |
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Term
| What was the GDP in 2011? |
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Definition
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Term
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Definition
| actual dollar value of what your economy produces. |
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Term
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Definition
| inflation adjusted GDP, shouldn't go past 3%, nominal x GDP deflation. |
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Term
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Definition
| total amount people spend on good and services |
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Term
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Definition
| money spent by business, 10% of the economy (Ig) |
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Term
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Definition
| all good and services bought, 60-70% of economy (C) |
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Term
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Definition
| what the government buys, 20% of the economy (G) |
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Term
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Definition
| value of what your country produces and trades (Xn) |
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Term
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Definition
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Term
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Definition
| value of goods and services based on money received. |
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Term
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Definition
| amount of money paid for what you do (job) |
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Term
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Definition
| payments for use of property |
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Term
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Definition
| money people get for allowing other people to use their money |
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Term
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Definition
| money busniesses take in after paying expenses |
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Term
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Definition
| amount of money gov. generates. |
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Term
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Definition
| total value of goods and services in an economy in given years |
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Term
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Definition
| gross national product, total value of good and services made by the U.S business regardless of where it is |
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Term
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Definition
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Term
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Definition
| no one buys houses so they stop making |
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Term
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Definition
| insurance for a given time if lost job |
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Term
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Definition
| predictable, lose job because of time of year |
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Term
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Definition
| caused by people with skills aren't matched w/ the job they can do |
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Term
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Definition
| skill sets of workers don't match the job |
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Term
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Definition
| downturn in the economy, no jobs to fill |
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Term
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Definition
| people who have a job or one looking for a job (18+) |
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Term
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Definition
| increase in prices, little= good, a lot= bad, target rate= 2-3% |
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Term
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Definition
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Term
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Definition
| reduction in rate of inflation |
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Term
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Definition
| very high rate of inflation |
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