ECON 1202 Lecture Notes - Lecture 9: Fixed Investment, Financial System, Business Cycle
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18 Oct 2016
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Business cycle- alternating periods of economic expansion and economic recession. Expansion- the period of a business cycle during which the total production and total employment are increasing. Recession- contraction, period of a business cycle during which total production and total employment are decreasing. 10 recessions in the last 60 years. Economic growth- ability of an economy to produce increasing quantities of goods and services. Inflation rate- percentage increase in the price level from one year to the next. Gross domestic product (gdp)- market value of all final goods and services produced in a country during a time period of time, typically one year. Retail price- used for goods and services. Final good- purchased by the final user and is not included in the production of any other good service, prevents double counting. Us= 18 trillion- largest economy in the world.
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