Economic Terms
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| show | The amount of goods and services produced for every unit of resources used in their production.
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| Inflation | show 🗑
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| show | Prolonged decline in the general price level of goods and services.
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| show | A condition in which a market is controlled by one supplier with no substitute goods or services readily available.
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| show | Economic system in which individuals own the factors of production and decide how to use them within legal limits; same as capitalism
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| Oligopoly | show 🗑
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| Conglomerate | show 🗑
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| Capital Goods | show 🗑
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| Capital | show 🗑
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| show | an economic system characterized by private ownership of businesses and marketplace competition.
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| show | (also called a command economy) a type of government that relies on collectivization of labor and good to equal out the classes.
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| Socialism | show 🗑
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| show | (transitional economies) an economic system in the process of shifting from central planning to competitive markets.
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| Gross Domestic Products | show 🗑
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| show | (GNP) is the total dollar value of all final goods and services produced for consumption in society during particular time.
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| Consumer Price Index | show 🗑
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| show | (PPI) measure of the changes in prices over time that United States producers charge for their goods and services. Measures wholesale price levels in the economy.
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| Unemployment Rate | show 🗑
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| show | Recurring slowdown and growth of an economy.
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| Expansion | show 🗑
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| show | A decline in total production lasting at least two consecutive quarters, or at least six months
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| Depression | show 🗑
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| Recovery | show 🗑
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| Prosperity | show 🗑
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| Laissez-faire | show 🗑
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| show | An organized association of workers, often in a trade of profession, formed to protect and further their rights and interests
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| show | are statutes in a number of states in the United States that prohibit union security agreements, or agreements between labor unions and employers, that govern the extent to which an established union can require employees' membership
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| Collective Bargaining meditator | show 🗑
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| show | is a proceeding in which a dispute is resolved by an impartial adjudicator whose decision the parties to the dispute have agreed, or legislation has decreed, will be final and binding.
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| Strike | show 🗑
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