Flashcards - CLEP Social Sciences and History: Fiscal and Monetary Policies

Flashcards - CLEP Social Sciences and History: Fiscal and Monetary Policies
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gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
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inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time
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Fiscal policy
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence the economy
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Fiscal policy
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence the economy
inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time
gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
Decision lag
In economics, the inside lag is the amount of time it takes for a government or a central bank to respond to a shock in the economy
aggregate supply
In economics, aggregate supply or domestic final supply is the total supply of goods and services that firms in a national economy plan on selling during a specific time period
expansionary gap
An inflationary gap, in economics, is the amount by which the actual gross domestic product exceeds potential full-employment GDP

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