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VocabularyEdit

Recession

  • Definition: A period of declining real incomes and rising unemployment.
  • What It Means:

Depression

  • Definition: A severe recession.
  • What It Means:

Model of Aggregate Demand and Aggregate Supply

  • Definition: The model that most economists use to explain short-run fluctuations in economic activity around its long-run trend.
  • What It Means:

Aggregate-Demand Curve

  • Definition: A curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level.
  • What It Means:

Aggregate-Supply Curve

  • Definition: A curve that shows the quantity of goods and services that firms choose to produce and sell at each price level.
  • What It Means:

Natural Rate of Output

  • Definition: The production of goods and services that an economy achieves in the long run when unemployment is at its normal rate.
  • What It Means:

Stagflation

  • Definition: A period of falling output and rising prices.
  • What It Means:

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