Term
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Definition
| A periodic but irregular up-and-down movement of total production, jobs and other messures of economic activity. |
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Term
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Definition
| The relationship between the quanity of RealGDP supplied and the price level when all other influnces on production remain the same. |
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Term
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Definition
| The relationship between the quantity of real GDP demanded and the price level when all other influnces on expenditure remain the same. |
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Term
| Macroeconomic Equilibrium |
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Definition
| When the quntity of real GDP demanded equals the quantity of real GDP supplied at the point of intersection of the AD and AS curve. |
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Term
| Full-Employment Equilibrium |
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Definition
| When equilibrium real GDP equals potential GDP. |
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Term
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Definition
| A combanation of recession(falling GDP) and inflation (rising price level) |
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Term
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Definition
| A gap that exsist when real GDP exceeds potential GDP and that brings a rising price level |
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Term
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Definition
| A gap that exsist when potential GDP exceeds real GDP and that brings a falling price level |
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