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Chapter 4 terms
AB
interdependentdependent on others
business cyclemovement of our economy from one condition to another
prosperityhigh point of business cycle
recessionperiod of decline
depressionbusiness is bad and unemployment is high
recoveryconsumers begin to buy more
gross national productthe total dollar value of all the goods and services produced by an economic system in a year
inflationrapid rises in prices
price indexmeasures changes in prices for a year as the base
productivitythe amount of output (natural, human, services) produced per the amount of input (natural, human, and capital resources) used
Mr. Cartwright

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