Business Cycle & Government interaction in the economy. I. GDP. Gross Domestic Product (GDP) Dollar value of all final goods and services produced w/in a country’s borders Intermediate goods - used in the production of final goods
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C. Consumer Price Index (CPI) measures changes in the price level of consumer goodsand services purchased by households not including food and fuel (because it is too volatile)
-Changes in GDP above or below normal levels. Four Phases:
E. Fiscal policy- gov’t economic policy
4. Poverty rate- percentage of people who live in households below the poverty threshold(the income a person earns is not sufficient to support a household)
Surpluses -> Fall in prices
(currency tied to gold)