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3
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the amount of money received during a given period of time by a person, household or country in return for services provided or goods sold.
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5
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refers to a phase of the business cycle in which the economy as a whole is in decline.
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6
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means introduction of income into the flow. For e.g. investment, government spending and exports.
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7
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a cycle or series of cycles of economic expansion and contraction is known as
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11
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a severe and prolonged downturn in economic activity, such as that which began in 1929
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1
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a period of declining economic performance across an entire economy that lasts for several months.
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2
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the resource provided when people do work - physical and mental
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4
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an increase in the production of goods and services in an economy
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8
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the phase of the business cycle where real GDP grows for two or more consecutive quarters, moving from a trough to a peak.
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9
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this occurs when there is a withdrawal of money from the economy that results in a reduction of the national income.
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10
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an object or product that satisfy human needs and wants
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12
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the actions done for you by others, which are designed to satisfy needs and wants
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