Economic Terms Flashcards

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What does GDP stand for?

Back

Gross Domestic Product

Front

What is GDP?

Back

The total value of all goods and services produced in a country, measuring the size of a country's economy.

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What does fiscal refer to?

Back

Anything related to government money and taxes.

Front

What is a fiscal year?

Back

The time period for a government's budget.

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What is currency?

Back

The type of money used in a country, like the dollar or euro.

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What is a budget?

Back

A plan for how to spend money.

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What is a deficit?

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When spending is more than income.

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What is a surplus?

Back

When there is more money than needed.

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What is inflation?

Back

When prices of goods and services go up, making money less valuable.

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What is a recession?

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When the economy is declining for two quarters in a row.