Economics Chp. 13 (3)

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Author:
hey_itsdarra
ID:
247598
Filename:
Economics Chp. 13 (3)
Updated:
2013-11-18 13:47:00
Tags:
OHS Economics
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Description:
2nd 9 weeks
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  1. Purchasing power
    How much your dollar will buy?
  2. Inflation, deflation
    __ buys less, ____ buys more
  3. Consumer Price Index (CPI)
    Average price of a specific group of goods and services purchased by a typical household (Group of products equals 80,000 goods and services (market basket))
  4. Business cycles
    Irregularities in output of GDP
  5. Peak/Boom
    (Major components of business cycles)
    Prosperity at its highest point ( economy at its best/highest productivity
  6. Trough 
    (Major components of business cycles)
    Lowest part of the business cycle ( economy at its lowest productivity)
  7. Contradiction/ Recovery
    (Major components of business cycles)
    Economy coming out of trough and moving up toward the peak/ boom
  8. Recession
    (Major components of business cycles)
    Six continuos months of download economic activity ( 2 consecutive quarters)

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