Aug 04, 2017

What do these terms mean? In your explanation, discuss how some of these terms are related?

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Commonly used economic terms

INSTRUCTIONS:
SHORT ANSWER (200 words or less): Inflation, stagflation, recession, depression, expansion, and contraction are commonly used terms in economics and the media. What do these terms mean? In your explanation, discuss how some of these terms are related? ** if possible use source from ECON Macro by Willaim A. McEachern (available online via cengage learning)
CONTENT:
Defining Economic TermsInflation and stagflation are two terms used to describe the change in average prices in a territory in a specific period of time. When economists use the term inflation, they are referring to the increase in average price levels in an economy ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "family" : "McEachern", "given" : "William A." } ], "edition" : "2nd ed", "id" : "ITEM-1", "issued" : { "date-parts" : [ [ "2010" ] ] }, "publisher" : "Cengage Learning", "title" : "ECON Macro", "type" : "book" }, "uris" : [ "http://www.mendeley.com/documents/?uuid=1fce4bfb-ceee-4b41-be60-e6d95730a455" ] } ], "mendeley" : { "manualFormatting" : "(McEachern, 2010, p.73)", "previouslyFormattedCitation" : "(McEachern, 2010)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" }(McEachern, 2010, p.73). Meanwhile, stagflation is used to describe a condition wherein prices are increasing but outputs are decreasing ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "family" : "McEachern", "given" : "William A." } ], "edition" : "2nd ed", "id" : "ITEM-1", "issued" : { "date-parts" : [ [ "2010" ] ] }, "publisher" : "Cengage Learning", "title" : "ECON Macro", "type" : "book" }, "uris" : [ "http://www.mendeley.com/documents/?uuid=1fce4bfb-ceee-4b41-be60-e6d95730a455" ] } ], "mend...


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