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Cards In This Set
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Business cycle
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Series of growing and shrinkng periods of economic activitym measured by increasings or decreases in real GDP
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Economic growth
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Increase in a nation's real GDP over a period of time
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Recession
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A prolonged economic contraction lasting 2 or more quarters (6 months or more)
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Depression
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An extended period of high unemployment and reduced business activity
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Stagflation
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Periods during which prices rise at the same time that there is a slowdown in business activity
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Aggregation demand
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Sum of all the demand in the economy
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Aggregate supply
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Sum of all the supply in the economy
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Macroeconomic equilibrium
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The point where the quantity of aggregate demand equals the quantity of aggregate supply
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Natural income accounting
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A way of evaluating a country's economy using statistical measures of its income, spending, and output
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Gross domestic product (GDP)
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The market value of all final goods and services produced within a nation in a given time period
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Nominal GDP
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States GDP in terms of the current value of goods and services
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Real GDP
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States GDP corrected for changes in prices from year to year
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Nonmarket activities
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Services that have potential economic value but are performed without charge
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Underground economy
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Describes market activities that go unreported because they are illegal or because those involved want to avoid taxation
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Gross national product (GNP)
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The market value of all final goods and services produce by a country
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