business cycles - systematic changes in real GDP marked by alternating periods of expansion and contraction, commodity money - money that has an alternative use as an economic good; gunpowder, flour, corn, etc., Recession - decline in real GDP lasting at least two quarters or more, Monetary Unit - standard unit of currency in a country’s money supply; American dollar, British pound, etc., Monetary Policy - actions by the Federal Reserve System to expand or contract the money supply to affect the cost and availability of credit, Expansion - period of uninterrupted growth of real GDP, industrial production, real income, and employment lasting for several years, Risk - a situation in which the outcome is not certain, but the probabilities can be estimated, Credit - the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future., Discount rate - interest rate that the Federal Reserve System charges on loans to the nation’s financial institutions, Reserve requirement - formula used to compute the amount of a depository institution’s required reserves, Open market operations  - monetary policy in the form of U.S. Treasury bills, or notes, or bond sales and purchases by the Fed, Inflation - sustained rise in the general level of prices of goods and services, Comparative advantage - country’s ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost, Absolute advantage - country’s ability to produce more of a given product than can another country, Deflation - sustained decrease in the general level of the prices of goods and services, gross domestic product (GDP) - monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year periodgross domestic product, gross national product (GNP) - the market value of goods and services produced by labor and property supplied by U.S. residents, Census - complete count of population, including place of residence, urban population - those people living in incorporated cities, towns, and villages with 2,500 or more inhabitants, rural population - those people not living in urban areas, including sparsely populated along the fringes of cities, Infrastructure - the highways, levees, mass transit, communications, power, water, sewerage, and other public goods needed to support a population, Welfare - government or private agency programs that provide general economic and social assistance to needy individuals, Hyperinflation - abnormal inflation in excess of 500 percent per year; last stage of monetary collapse, Stagflation - combination of stagnant economic growth and inflation, Creditors - persons or institutions to whom money is owed, Debtors - persons or institutions that owe money, unemployment rate - ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage, tax loopholes - exceptions or oversights in the tax law allowing taxpayer to avoid taxes, individual income tax - tax levied on the wages, salaries, and other income of individuals, Internal Revenue Service (IRS) - branch of the U.S. Treasury Department that collects taxes,

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