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23 Cards in this Set
- Front
- Back
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recession
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situation that occurs when there is too little money in the economy
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denomination
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amount printed on money
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scarce
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oppisite of plentiful
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loan
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money borrowed temporarily that must be paid back, usually plus interest
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surplus
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over-supply
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supply
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the number of items available for use
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inflation
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situation that occurs when there is too much money in the economy
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economics
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the study of money
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bank
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place to save and borrow money
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nonrenewable
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not replaceable
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good
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any item that can be bought or sold
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consumer
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buyer
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service
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any action that one person or group does for another in exchange for payment
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Federal Reserve
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the main bank of the United States
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producer
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maker of goods or services
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interdependence
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the way production and consumption of goods and services are divided among many different people and groups
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depression
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a severe recession
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consumption
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the way we use goods and services
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interest
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fee paid by the borrower of money and the fee paid to the saver of money
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mint
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to make coins
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demand
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the number of people who want to buy a good or service
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renewable
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replaceable
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resource
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anything used to produce a good or service that will satisfy our wants and desires
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