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RECOVERY: A early expansionary phase of the business cycle shortly after a contraction has ended, but before a full-blown expansion begins. During a recovery, the unemployment rate remains relatively high, but it is beginning to fall. Real gross domestic product has begun to increase, usually rapidly. However, because the contraction remains fresh in the minds of many, it may not be immediately clear that the trough of the contraction has been reached.
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Lesson 9: Macro Basics | Unit 1: The Macroeconomy
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Page: 3 of 16
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- The basic definition of an economy, which is an interactive system of production, distribution, and consumption of resources, goods and services.
- The four macroeconomic sectors of and their expenditures on total production: (a) the household sector and consumption, (b) the business sector and investment, (c) the government sector and government purchases, and (d) the foreign sector and net exports.
- The primary economic functions of the household sector, which is consumption, the business sector, which is production, and the government sector, which is regulating economic activity.
- The difference between microeconomics, the study of the parts of the economy, and macroeconomics, the study of the aggregate economy.
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COMPANY An organization, usually consisting of more than one person, that combines resources for the production and supply of goods and services. The term company is generally used synonymously with other terms such as business, firm, and enterprise. If a distinction exists, company is used in reference to a group of people engaged in production (as opposed to a single person).
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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R&D
Research and Development
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