Term
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Definition
| a means for illustrating income distribution |
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Term
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Definition
| the loss of value of capital equipment resulting from normal ware or tear |
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Term
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Definition
| a decline in real gdp combined with a rise in the price level |
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Term
| Gross National Product (GNP) |
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Definition
| annual income earned by US owned firms and US residents |
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Term
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Definition
| the lowest point in an economic contraction when real gdp stops falling |
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Term
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Definition
| a general increase in prices |
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Term
| Consumer Price Index (CPI) |
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Definition
| an index determined by measuring the price of a standard group of goods |
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Term
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Definition
| federal funds given to states in lump sums |
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Term
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Definition
| a prolonged economic contraction |
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Term
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Definition
| key economic variables economists use to predict a new phase of the business cycle |
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Term
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Definition
| products that last for a relatively long time |
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Term
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Definition
| a sustained drop in the price level |
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Term
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Definition
| a recession that especially long and severe |
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Term
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Definition
| a representation collection of goods and services |
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Term
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Definition
| area where companies can locate free of certain taxes and restrictions |
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Term
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Definition
| period of economic decline marked by falling real GDP |
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Term
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Definition
| height of an economic expansion, when real GDP stops rising |
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Term
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Definition
| the percentage change in price level over time |
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Term
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Definition
| a period of economic growth as measured by a rise in real GDP |
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