Term
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Definition
| Althernating periods of ecomic expansion and economic reassion |
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Term
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Definition
| the period of a business cycly turning which total production and total employment are decreasing |
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Term
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Definition
| the period of a business cycle during whcih total production and total employment are decreasing |
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Term
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Definition
| the ability of an ecomoy to produce increasing quantities of good ans serivices |
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Term
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Definition
| the percentage increase in the price level from one year to the next |
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Term
| Gross Domestic product (GDP) |
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Definition
| the market value at all final goods and services produced in a country during a period of time typically one year |
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Term
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Definition
| payments by the goverrnment to individuals for which the govermnet does not receive a new good or serivce in return |
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Term
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Definition
| refers to goods and services people produce for them selves |
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Term
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Definition
| buying and selling of goods and serices that are cancealed from the goverment to avoid taxes or regulations or becasue the goods and services are illegal |
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Term
| shortcoming of Gdp- why is it bad measure of well being |
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Definition
-the value of leisure is not included in GdP
-GDP is not adjusted for pollution or other negative effects of production
-GDP is not adjusted for changes in crime and other social problems
-GdP measures the size of the pie out not how the pie is divided up |
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Term
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Definition
the value of final goods and services evaluated at current year prices
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Term
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Definition
| the balue of final goods and services evaluated at the base year prices |
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Term
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Definition
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Term
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Definition
| a measure of the average prices of goods and serives in the economy |
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Term
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Definition
| a measure of the price level, calcuated by dividing nomial GDP by real GDP and multiplying by 100 |
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