The total value of all the goods produced in a country in one year.

Cycle or cycles of an economic system growing and shrinking

The point right after an expansion and right before a contration

The point right after a contraction and right before an expansion

The growing of activity and product in an economic system

The shrinking of activity and product in an economic system

How monetary authority controls the amount of money

The use of taxes and spending by the government to help the economy

A tax that takes more from the wealthy and less from the poor

A tax that takes more from poorer people than richer people

A tax that takes the same percentage of money from everyone (example: tithing)

When spending exceeds income

The amount of money a nation has borrowed all together

Large scale economic decisions