Objective Sheets Chapter 23

Objective Sheets Chapter 23 - Asch Hawthorn Objective Sheet...

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Asch Hawthorn Economics T-Th A. Ordonez Objective Sheet: 23 809-195-3K1C 5/4/10 Chapter 23: Objective sheet Define the Following Recession - is a period of declining real incomes, and rising unemployment. (period of reduced economic activity) Depression - is a severe recession. (period of low general economic activity marked especially by rising levels of unemployment.) Aggregate-Demand Curve – A curve that shows the quantity of goods & services that households, firms, the government, and customers abroad want to buy at each price level. Aggregate-Supply Curve – A Curve that shows quantity of goods & services that firms choose to produce and sell at each price level. Natural Rate of Output - is the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate. What two economic variables decline when the economy goes into a recession? Real Income
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This note was uploaded on 05/10/2010 for the course ECONOMICS 809-195-3K taught by Professor A.ordonez during the Spring '10 term at Gateway Tech.

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Objective Sheets Chapter 23 - Asch Hawthorn Objective Sheet...

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