Chapter 8 The Economy Flashcards
The system in which individuals, businesses, government, and the world as a whole interact
Economy
A period of great birth rates after world war 2
Baby boom
The total dollar amount of all final goods and services purchased within a nations borders within a given year
Gross domestic product
A period of time I which the economy is shrinking
Recession
A severe recession
Depression
Alternating periods of shrinking and growth in the economy
Business cycle
A sustained increase in the general level of prices
Inflation
The formal measure of inflation that tells whether things overall are more expensive now than in the past
Consumer price index
The world in which economies of all countries interact and depend on one another
Global economy
The study of human populations
Demographics
Deals with broad issues that impact the economy as a whole
Macroeconomics
Focuses on the study of individual choices or decisions made by smaller units
Microeconomics
When was the Great Recession during your lifetime?
2007-2009
Because of the global economy, what’s happening to American factories?
They are closing an moving to other countries
What are the three hundred goods and services called?
Market basket
