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9 Cards in this Set

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Economic Growth
A steady increase in the production of goods and services in an economic system.
Gross Domestic Product
The total dollar value of all final goods and services produced in our country in one year.
Business Cycles
The movement of the economy from one condition to another and back again.
Prosperity
A phase of the business cylce when most people who want to work are working and businesses produce goods and services in record numbers.
Recession
A period where demand begins to decrease, businesses lower production of goods and services, unemployment begins to rise, and GDP growth slows for several quarter.
Depression
A phase marked by high unemployment, weak sales of goods and services, and business failures.
Recovery
A phase of the business cycle in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again.
Inflation
A prolonged increase in the general level of prices.
Deflation
A decrease in the general price levels.