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10 Cards in this Set
- Front
- Back
inputs/ factors of production
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the labor, machinery, buildings, and natural resources used to make outputs.
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outputs
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the goods and services that consumers and others want to acquire.
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Gross Domestic Product (GDP)
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a measure of the size of the economy- the total amount it produces in a year.
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The Real GDP
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adjusts this measure for changes in the purchasing power of money, that is, it corrects it for inflation.
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open
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an economy is relatively this if its exports and imports constitute a large share of its GDP
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closed
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an economy is considered relatively this if its exports and imports constitute a small share of its GDP
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recession
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a period of time during which the total output of the economy falls.
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transfer payments
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sums of money that certain individuals recieve as outright grants from the government rather than payments for services rendered.
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progressive
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a tax is this if the ratio of taxes to income rises as the income rises.
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mixed
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an economy with some public influence over the workings of free markets. There may also be some public ownership mixed in with private property.
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