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Principles of Macroeconomics week 4

by: Austin Carter

Principles of Macroeconomics week 4 2315

Marketplace > Texas State University > Economics > 2315 > Principles of Macroeconomics week 4
Austin Carter
Texas State
GPA 2.82

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week 4
Principles of Macroeconomics
Xiao Meng
Class Notes
25 ?




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This 1 page Class Notes was uploaded by Austin Carter on Friday September 23, 2016. The Class Notes belongs to 2315 at Texas State University taught by Xiao Meng in Fall 2016. Since its upload, it has received 4 views. For similar materials see Principles of Macroeconomics in Economics at Texas State University.

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Date Created: 09/23/16
Macroeconomics ­ study of the economy as a whole. Gross Domestic Product - the dollar amount of all final goods and services produced within a country's borders in a year. economic growth - increase in the total output of an economy. occurs when a society acquires new resources or when it learns to produce more using existing resources. Unemployment - people looking for work, but who are without jobs. Consumer Price Index - measure of change in price over time of a specific group of goods and services used by average household. Inflation - a rise in the general level of prices. Stagflation - a period of slow economic growth and high unemployment, while prices rise (inflation). Deflation - falling prices. aggregate - supply total supply or output of goods and services in an economy. Aggregate - demand total demand for goods and services in an economy. structural unemployment - umemployment that occurs when workers' skills do not match the jobs that are available. frictional unemployment- unemployment caused by people changing jobs. cyclical unemployment - This refers to those persons that have become unemployed due to a downturn in the business cycle. business cycle - The movement of the economy from one condition to another and back again (shows ups and downs of the economy). recession Two or more consecutive quarters of decline in GDP.


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