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Economics Chapter 14 Review part 1

Match

AB
cyclical unemploymentswings in business cycle
depression25% unemployment acute supply shortages
recessionGDP declines for two quarters in a row
negative income taxguarantees a minimum income level
seasonal unemploymentchanges in weather
frictional unemploymentbetween jobs
business cycleups and downs or real GDP
structural unemploymentfundamental change in economy
deflationdecrease in prices
creeping inflationrise in prices from 1% to 3%



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