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11 Cards in this Set

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gross domestic product/GDP
the total dollar value of all final goods and services produced in our country during a year.
GDP includes what 3 major categories?
1. what consumers spend for food, clothing, and housing

2. what businesses spend for buildings, equipment, and supplies

3. what government agencies spend to pay employees and to buy supplies
base year
the year chosen to compare an item
GDP per capita
is calculated by dividing GDP by total population
business cycle consist of what 4 stages?
prosperity, recession, depression, recovery
prosperity
phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
recession
where demand begins to decrease, businesses lower production of goods and services, unemployment begins to rise, and GDP growth slows for 2 or more quarters of the calender year.
depression
phase marked by a prolonged period of high unemployment, weak sales of goods and services, and business failures.
recovery
phase which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again.
inflation
sustained increase in the general level of prices
deflation
a decrease in the general level of prices