Economics Word Scramble
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| Term | Definition |
| Aggregate Demand | the amount of goods and services in the economy that will be purchased at al possible price levels |
| Aggregate Supply | the total amount of goods and services in the economy available at all possible price levels |
| Business Cycle | a period of macroeconomics expansion followed by a period of contraction |
| Capital Deepening | process of increasing the amount of capital per worker |
| Contraction | a period of economic decline marked by falling real GDP |
| Depreciation | the loss of value of capital equiptment that results from normal wear and tear. |
| Depression | a recession that is especially long and severe |
| Durable Goods | goods that last for a relatively long time, such as refridgerators, cars, and DVD players |
| Economic Growth | steady, long-term increase in real GDP |
| Expansion | a period of economic growth as measured by a rise in real GDP |
| Gross Domestic Product | the dollar value of all final goods and services produced within a country's borders in a given year |
| Gross National Product | (GNP) the annual income earned by U.S.- owned firms and U.S. citizens |
| Intermediate Goods | goods used in the production of final goods |
| Leading Indicators | key economic variables that economists use to predict a new phase of a business cycle |
| National Income Accounting | a system that collects macroeconomics statistics on production, income, investment, and savings |
Created by:
halvy
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