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short for gross domestic product
production, distribution, and exchange should be owned or regulated by the community as a whole.
system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
reduction in the rate of inflation
Consumer Price Index
a state of limited competition, in which a market is shared by a small number of producers or sellers.
a general increase in prices and fall in the purchasing value of money
use of government spending and tax policies to influence macroeconomics ._____ policy
sustained, long-term downturn in economic activity in one or more economies.
high inflation combined with high unemployment and stagnant demand in a country's economy.
period of temporary economic decline during which trade and industrial activity are reduced
principle that describes consumer willingness to pay a price for a good or service.
society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
relating to money or to the mechanisms by which it is supplied to and circulates in the economy
______ HAND
reduction of the general level of prices
fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
the exclusive possession or control of the supply of or trade in a commodity or service
indexes that measures the average change in selling prices received by domestic producers of goods and services over time( Abbreviation)