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Economic Mid Terms > Ch-12 > Flashcards

Flashcards in Ch-12 Deck (7)
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0
Q

Nondurable Good

A

Goods that last a short period of time, such as food, light bulbs, and sneakers

1
Q

Durable Good

A

Goods that last for a relatively long time, such as refrigerators, cars, and DVD players

2
Q

Depreciation

A

The loss of the value of capital equipment that results from normal wear and tear

3
Q

Price Level

A

The average of all prices in the economy

4
Q

Expansion

A

A period of economic growth as measured by a rise in the real GDP

5
Q

Economic Growth

A

Economic Growth Steady, long-term increase in real GDP

6
Q

Peak

A

The height of an economic expansion, when real GDP stops rising