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12 Cards in this Set
- Front
- Back
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gross domestic product
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the total value of the goods and services produced in a country in a given year.
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standard of living
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level of material comfort as measured by the goods and services that are available.
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inflation
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general increase in the price of goods and services.
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deflation
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general decrease in the price of goods and services.
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budget deficit
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difference in amount gov't spends on programs than collects
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national debt
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total amount of money a gov't owes
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budget surplus
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when a gov'ts revenue exceeds its expenditures during a one year period
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business cycle
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rise and fall of economic activity over time
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prosperity
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a peak of economic activity
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recession
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economic activity slows down
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depression
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deep recession that affects the entire economy and lasts for several years.
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recovery
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a rise in business activity after a recession or depression
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