ECO exam 2

deflation

cycle of short term ups and downs in the economy

cash payments made by the govt to people who do not supply goods, services, or labr in exchange for these payments.
Social Secuirty
veterans
welfare

increase in the value of an asset

Go up easily, harder to bring down

GDP

How to calculate GDP

nautral rate of unemployment

inflation

one measure of overall price level

nominal

bundle of products changes with every president

fraction of change in income that is consumed or spent