Chap 6 - Voc Test

Alternating periods of shrinking and growth, or expansion, in the economy

• business cycle

• consumer price index (CPI)

• depression

• economics

The formal measure of inflation that tells whether things overall are more expensive now than in the past

• business cycle

• consumer price index (CPI)

• depression

• economics

A severe recession

• business cycle

• consumer price index (CPI)

• depression

• economics

The study of choices

• business cycle

• consumer price index (CPI)

• depression

• economics

The system in which individuals, businesses, governments, and the world as a whole interact.

• economy

• gross domestic product (GDP)

• inflation

• macroeconomics

A sustained increase in the general level of prices

• inflation

• economy

• depression

• economics

Deals with broad issues that impact the economy as a whole

• macroeconomics

• inflation

• depression

• economics

Focuses on the study of individual choices or decisions made by smaller units, such as a firm

• microeconomics

• infaltion

• depression

• business cycle

A period in which the economy is shrinking

• recession

• inflation

• economy

• business cycle

The total dollar amount of all final goods and services purchased within the nation's borders in each year

• gross domestic product (GDP)

• economy

• depression

• recession