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Economics (Key Terms (Economics (study of how we use resources to satisfy…
Economics
Key Terms
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Gross National Product
The gross domestic product less profits sent out of the country plus profits returned to the country
Inflation
Definition
The increase in the level of prices of goods over a period of time. The measurement is call consumer price index (CPI)
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Economic Systems
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Mixed economies
Major economic decisions are made by the private sector but the government can intervene to ensure supply of essential goods to everyone.
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