Ch-12 Flashcards
0
Q
Nondurable Good
A
Goods that last a short period of time, such as food, light bulbs, and sneakers
1
Q
Durable Good
A
Goods that last for a relatively long time, such as refrigerators, cars, and DVD players
2
Q
Depreciation
A
The loss of the value of capital equipment that results from normal wear and tear
3
Q
Price Level
A
The average of all prices in the economy
4
Q
Expansion
A
A period of economic growth as measured by a rise in the real GDP
5
Q
Economic Growth
A
Economic Growth Steady, long-term increase in real GDP
6
Q
Peak
A
The height of an economic expansion, when real GDP stops rising
