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Economics Chapter 15
Terms from Unit 6, Chapter 15
Question | Answer |
---|---|
The total dollar value of the final goods and services produced in a country, in a year. | Gross Domestic Product |
An increase in the average price of goods and services. | Inflation |
Alternating time periods of expanding and contracting economic activity. | Business Cycle |
A time period when GDP is increasing. | Expansion |
The highest point in the business cycle. | Peak |
A time period when GDP is decreasing. | Contraction |
A time period when GDP decreases for two quarters in a row. | Recession |
The lowest point in the business cycle. | Trough |
A long lasting and severe recession. | Depression |