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10 Cards in this Set

  • Front
  • Back
Inflation Rate
How fast prices are Rising
Unemployment Rate
Fraction of Labor force that is out of work
Recessions
Short lasting fall in GDP
Depressions
Long lasting fall in GDP
Deflation
Period of falling prices
Endogenous variables
Variables a model tries to explain
Exogenous variables
Variables a model accepts as given
Market Clearing
Price of a good or a service moves quickly to bring quantity supplied and quantity demanded into balance.
Flexible Prices/Wages
Able to adjust quickly, theory
Sticky prices/wages
Unable to adjust, real