Master this deck with 19 terms through effective study methods.
Generated from uploaded pptx
Output growth, unemployment, inflation and deflation.
Focuses on the economy as a whole and aggregate measures.
Natural fluctuations in economic activity measured by GDP.
Expansion involves rising employment and production; contraction involves decline.
Percentage of the labor force that is unemployed.
Characterized by falling GDP and rising unemployment.
An increase in the overall price level.
Hyperinflation involves very rapid increases in prices.
Total quantity of goods and services produced in an economy.
Cash payments from the government without exchange for goods or services.
Government spending and taxation to influence the economy.
Regulation of money supply and interest rates by central banks.
A prolonged and deep recession with significant economic decline.
Illustrates the flows of goods, services, and payments in the economy.
Households, firms, government, and the rest of the world.
They do not adjust quickly to changes in supply and demand.
A situation of high inflation and high unemployment occurring simultaneously.
A severe global economic downturn from 1929 to 1939.
Government's role in regulating inflation and unemployment.