CHAPTER 6 - THE ECONOMY

is often defined as the study of choices. Common economic topics include production, consumption, wealth transfers, economic growth, unemployment and other topics.

• ECONOMY

• ECONOMICS

• MACROECONOMICS

• MICROECONOMICS

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

• ECONOMICS

• ECONOMY

• MICROECONOMICS

• MACROECONOMICS

Deals with broad issues that impact the economy as a whole.

• ECONOMICS

• ECONOMY

• MICROECONOMICS

• MACROECONOMICS

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

• ECONOMICS

• ECONOMY

• MICROECONOMICS

• MACROECONOMICS

Is a measurement of purchasing of products and services.

• GROSS DOMESTIC PRODUCT

• CONSUMER PRICE INDEX

• BUSINESS CYCLE

• RECESSION

A period of time in which the economy is shrinking.

• RECESSION

• DEPRESSION

• INFLATION

• STAGFLATION

IS A SEVERE RECESSION.

• RECESSION

• DEPRESSION

• INFLATION

• STAGFLATION

Is defined a sustained increase in the general level of prices.

• RECESSION

• DEPRESSION

• INFLATION

• STAGFLATION

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

• ECONOMY

• ECONOMICS

• BUSINESS CYCLE

• RECESSION

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

• GROSS DOMESTIC PRODUCT

• CONSUMER PRICE INDEX

• BUSINESS CYCLE

• DEPRESSION