study material for economics vocab CH 16 - Ponder
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| GDP gap | difference between the actual GDP and the potential GDP that could be produced if all resources were fully employed
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| monetarism | emphasis on the role of money and its: growth as a key to controlling inflation and unemployment
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| supply-side economics | policies to stimulate output and reduce unemployment by increasing production rather than demand
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| Keynesian economics | actions to lower unemployment by stimulating aggregate demand
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| automatic stabilizer | triggers benefits automatically when changes in the economy lower income
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| stagflation | period of stagnant growth combined with inflation
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| wage-price controls | regulations making it illegal for businesses to give workers raises or to raise prices without the explicit permission of the government
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| unemployment insurance | income provided for workers who lose their jobs through no fault of their own
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| fiscal policy | federal government's attempt to stabilize the economy through taxing and government spending
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| misery (discomfort) index | sum of monthly inflation
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| Laffer curve | hypothetical relationship between federal tax rates and tax revenues
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