CHAPTER 23 OUTLINE

CHAPTER 23 OUTLINE - Economics Chapter 23 outline The...

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Economics Chapter 23 outline The Business cycle- Macro-economic- Studies the behavior of the economy as a whole. It is primarily concerned with two topics: long-run economic growth and the short-run fluctuations in out-put and employment. Often referred to as the business cycle. Recession- Sometimes growth proceeds more rapidly and sometimes it proceeds more slowly. It may even turn negative for a while so that output and living standards actually decline. Real GDP (Gross Domestic Product)- measures the value of final goods and services produced within the borders of a given country during a given period of time, typically 1 year. Nominal GDP- First calculated- which totals the dollar value of all goods and services produced within the borders of a given country using their current prices during the year that they were produced . Unemployment- The state a person is in if he or she cannot get a job despite being willing to work and actively seeking work. Inflation-
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This note was uploaded on 10/01/2010 for the course ECO 2013 taught by Professor Haroldj.vanboven during the Fall '09 term at Edison State College.

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CHAPTER 23 OUTLINE - Economics Chapter 23 outline The...

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