Key Terms

Question

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

Recession

Expansion

Business cycle

Business-cycle peak

Business-cycle trough

Long-run economic growth

Inflation

Deflation

Price stability

Open economy

Trade deficit

Trade surplus

National income and product accounts (national accounts)

Circular-flow diagram

Household

Firm

Product market

Factor market

Consumer spending

Stock

Bond

Government transfers

Disposable income

Private savings

Financial markets

Government borrowing

Government purchases of goods and services

Inventories

Investment spending

Final goods and services

Intermediate goods and services

Gross domestic product (GDP)

Aggregate spending

Value added

Net exports

Aggregate output

Real GDP

Nominal GDP

Chained dollars

GDP per capita

Real GDP per capita