Macro
In an Economy, when the price level falls, consumer feel wealthier and buy more goods and services- What shows this
The Aggregate Demand Curve
A prolonged economic contraction---6 months of declining output
Recession
What factor of production includes Natural Resources
Lan
The lowest point in an economic contraction is called
The Trough
As you move from left to right, the aggregate demand curve
slopes downward
Limited Resources, unlimited wants
Scarcity
An economy that experiences no growth and increased prices suffers from
Stagflation
What are the 4 phases of the business cycle
Expansion, Peak, Contraction, and Trough
What are the 3 Economic Questions
What, how, and for whom to produce
In a typical business cycle, what phase immediately follows the peak
Contraction
Phase of the Business Cycle where GDP is declining and unemployment is rising
Contraction
What investment has the highest risk but the most potential return
Stocks
The dollar value of all final goods and Services
GDP
The Payments for land, labor, Capital, and entrepreneurship are
Rent, Wages, Interest, Profit
What is the cost of insurance..it starts with a P
Premium