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Gross domestic product

Published on Nov 24, 2015

vocab for economics

PRESENTATION OUTLINE

Gross domestic product

the total value of goods or services for a country for the entire year

business cycle

cycle of buying and selling things

peak

to reach the highest point of a value or price

trough

period at the end of a business cycle
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expansion

to get bigger
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contraction

to get smaller
Photo by Otto Phokus

monetary policy

process in which the government controls the flow of money
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fiscal policy

policy made by the government to deal with budgets

progressive tax

tax that's interest rate increases as the initial tax does
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regressive tax

tax where the interest rate decreases as the initial tax increases
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proportional tax

tax where the interest rate does not change as the tax increases
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national debt

the debt that one country owes to another or many other countries
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budget deficit

too many expenditures over revenues
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macroeconomics

economics deling with larger picture, such as interest rates, etc.
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