Term
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Definition
| the process by which rising productivity increases the average standard of living |
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Term
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Definition
| the quantity of goods and services that can be produced by one worker or by one hour of work |
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Term
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Definition
| manufactured goods that are used to produce other goods and services |
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Term
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Definition
| the level of real GDP attained when all firms are producing at capacity |
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Term
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Definition
| the system of financial markets and financial intermediaries through which firms acquire funds from households |
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Term
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Definition
| markets where financial securities, such as stocks and bonds, are bought and sold |
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Term
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Definition
| firms, such as banks, mutual funds, pension funds, and insurance companies, that borrow funds from savers and lend them to borrowers |
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Term
| Market for Loanable Funds |
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Definition
| the interaction of borrowers and lenders that determines the market interest rate and the quantity of loanable funds exchanged |
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