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CHAPTER 14 NOTABLES.

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Presentation on theme: "CHAPTER 14 NOTABLES."— Presentation transcript:

1 CHAPTER 14 NOTABLES

2 Recession GDP declines for at least 6 months
Begins at a peak (point at which real GDP stops going up) Ends when economy reaches trough (point at which real GDP stops going down)

3 Depression State of the economy with large numbers of unemployment, shortages, excess production capacity Caused by a very severe and long recession

4 Deflation Decrease in the general price level
Does not happen very often

5 Inflation Causes Demand Pull Theory Consumers try to buy more goods
Shortages occur Prices go up Caused solely by consumers

6 Inflation Causes Cont. Cost-Push Theory
Rising input costs (labor) drive up costs of products Caused solely by workers

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