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vocab.

QuestionAnswer
Economics Is often defined as the study of choices.
Economy A system in which all these different people and groups interact.
Macroeconomics Deals with broad issues that impact the economy as a whole.
Microeconomics Features on the study individual choices or decisions made by smaller unites
Demographics Is the study of human population
The Baby Boom was a period of very high birthrates that occurred between 1940 & 1964
Gross Domestic Product Is the total dollar amount of all fund goods and services purchased in a given year.
Recession Is a period of time in which the economy is shrinking.
Depression is a severe recession.
Business Cycle IS ONE full period of economic growth followed by a period of recession.
Inflation is defined as a sustained increase in this general level of price.
Consumer Price Index is the formal measure of inflation that tells us whether things overall are more expensive now than in the past.
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