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9 Cards in this Set
- Front
- Back
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Business Cycle
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Alternation between downturns and upturns in macroeconomics
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Depression
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deep and prolonged downturn in the economy
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Recession
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less prolonged economic downturns
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Expansion
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periods in which output and employment are rising
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Economic Growth
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an increase in the maximum amount of goods and services an economy can produce
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Inflation
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rising overall price
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Deflation
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falling overall price
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Price Stability
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when the aggregate price level is changing only slowly
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Model
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is simplified representation used to better understand a real-life situation
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