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July 14, 2025 

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GREAT DEPRESSION: A period of time from 1929 to 1941 in which the economy experienced high rates of unemployment (averaging well over 10%), low production, and limited investment. This period of stagnation prompted radical changes in the way government viewed it's role in the economy and lead to our modern study of macroeconomics.

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FULL-EMPLOYMENT BUDGET: A hypothetical federal budget that would exist if the economy were at full employment. Differences between the actual federal budget and the full-employment budget result from taxes and expenditures that depend on gross domestic product. The full-employment budget indicates whether any of the federal government's fiscal policy is over- or under-stimulating the economy given the current position in the business cycle. During a recession the federal deficit should be just enough to generate a balanced budget at full employment. The same result is desirable if we're running a surplus with inflation. If the full-employment budget is NOT balanced, however, then we're doing too much or too little by way of fiscal policy and changes are in order.

     See also | full employment | taxes | gross domestic product | fiscal policy | business cycle | federal deficit | recession | inflation | full-employment real production |


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COMPLEMENT-IN-CONSUMPTION

One of two (or more) goods that provide satisfaction of a want or need when consumed together. A complement-in-consumption is one of two alternatives falling within the other prices determinant of demand. The other is a substitute-in-consumption. An increase in the price of one complement good causes a decrease in demand for the other. A complement-in-consumption has a negative cross elasticity of demand.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for jovial bank tellers.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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-- Alexander Graham Bell, inventor

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