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12 Cards in this Set
- Front
- Back
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Gross Domestic Product
(GDP) |
The total valure of the goods and services produced in a country in a given year.
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Standard of Living
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The level of material comfort as measured by the goods and services that are available
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Inflation
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A general increase in the price of goods ans services
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Deflation
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A general decrease in the price of goods and services
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Budget Deficit
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The governement spends more on programs than it collects in taxes
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National Debt
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The total amount of money a government owes
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Budget Surplus
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A government's revenue exceeds its expenditures during a one-year period
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Business Cycle
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The rise and fall of economic activity over time
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Prosperity
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A peak of economic activity
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Recession
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The economic activity slows down
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Depression
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A deep recession that affects the entire economy and last for serveral years
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Recovery
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A rise in business activity after a recession or depression
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