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Econ Unit 5 Voc.

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TermDefinition
the dollar value of all final goods and services produced within a country's borders in a given year gross domestic product (GDP)
the total amount of goods and services in the economy available at all possible price levels. aggregate supply
the amount of goods and services in the economy that will be purchased at all possible price levels. aggregate demand
a period of macroeconomic expansion, or growth, followed by one of contraction, or decline. business cycle
GDP expressed in constant, or unchanging, prices. real GDP
GDP measured in current prices. nominal GDP
frictional, structural, seasonal, cyclical unemployment types of unemployment
a general increase in prices across an economy. inflation
a sustained drop in the price level deflation
a measurement that shows how the average price of a standard group of goods changes over time. price index
a card entitling its owner to buy goods and services based on the owner’s promise to pay for those goods and services. credit card
a card used to withdraw money from a bank account to purchase goods and services. debit card
Created by: ssmith0515