Flashcards - CSET Business - Macroeconomics: General Concepts

Flashcards - CSET Business - Macroeconomics: General Concepts
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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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full employment
Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment
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natural resources
Natural resources are resources that exist without actions of humankind
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investment
To invest is to allocate money in the expectation of some benefit in the future
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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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Exports
The term export means shipping in the goods and services out of the jurisdiction of a country
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recession
In economics, a recession is a negative economic growth for two consecutive quarters
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recession
In economics, a recession is a negative economic growth for two consecutive quarters
Exports
The term export means shipping in the goods and services out of the jurisdiction of a country
gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
investment
To invest is to allocate money in the expectation of some benefit in the future
natural resources
Natural resources are resources that exist without actions of humankind
full employment
Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment
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
real interest rate
The real interest rate is the rate of interest an investor, saver or lender receives after allowing for inflation
Labor productivity
Workforce productivity is the amount of goods and services that a worker produces in a given amount of time
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
A progressive tax code
A progressive tax is a tax in which the tax rate increases as the taxable amount increases
the business cycle
The business cycle or economic cycle is the downward and upward movement of gross domestic product around its long-term growth trend
productivity
Productivity is an average measure of the efficiency of production
contraction
A contraction is a shortened version of the written and spoken forms of a word, syllable, or word group, created by omission of internal letters and sounds

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