Flashcards - Understanding Macroeconomic Equilibrium

Flashcards - Understanding Macroeconomic Equilibrium
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recession
In economics, a recession is a negative economic growth for two consecutive quarters
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nominal
Level of measurement or scale of measure is a classification that describes the nature of information within the numbers assigned to variables
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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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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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gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
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
nominal
Level of measurement or scale of measure is a classification that describes the nature of information within the numbers assigned to variables
recession
In economics, a recession is a negative economic growth for two consecutive quarters
depression
Depression is a state of low mood and aversion to activity that can affect a person's thoughts, behavior, feelings and sense of well-being
Full employment GDP
Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment
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
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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