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