Economic Terms and Concepts: Inflation, Macroeconomy, Productivity, and Economic Systems, Quizzes of Introduction to Macroeconomics

Download Economic Terms and Concepts: Inflation, Macroeconomy, Productivity, and Economic Systems and more Quizzes Introduction to Macroeconomics in PDF only on Docsity! TERM 1 inflation DEFINITION 1 a rise in the general level of prices TERM 2 macroeconomy DEFINITION 2 an economic system whose boundaries are normally understood to be the boundaries of a nation TERM 3 positive questions DEFINITION 3 questions about how things are TERM 4 normative questions DEFINITION 4 questions about things should be TERM 5 well-being DEFINITION 5 a shorthand term for the broad goal of promoting the sustenance and flourishing of life TERM 6 economic growth DEFINITION 6 increases in the level of production in a country or region TERM 7 economic development DEFINITION 7 the process of moving from a situation of poverty and deprivation to a situation of increased production and plenty, through investments and changes in organization of work TERM 8 labor productivity DEFINITION 8 the level of output that can be produced per worker TERM 9 business (trade) cycle DEFINITION 9 recurrent fluctuations in the level of national production with alternating periods of recession and boom TERM 10 precautionary principle DEFINITION 10 the principle that we should err on the cautious side when dealing with natural systems or human health