Key Terms

Unemployment: the number of people who are available for work and actively seeking work but cannot find jobs
Deflation: when prices of most goods and services decline
Inflation rate: the percentage increase in the level of prices
Hyperinflation: an extremely high rate of inflation
Fiscal policy: government spending and taxation
Monetary policy: growth of money supply; determined by central bank; the Fed in United States
Equilibrium: a situation in which the quantities demanded and supplied are equal
value added: value of output minus value of inputs purchased from other producers

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Intermediate Macroeconomics
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