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23. The business cycle
autor: Freeqy
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downturna decline in economic activity
upturnan increase in economic activity
expectationsbeliefs about what will happen in the future
consumptionpurchasing and using goods and services
balance of paymentsthe difference between the funds a country receives and those it pays for all international trasact.
balance of paymentsbilans płatniczy
gross domestic product GDPthe total market value of everything produced in a country in specific period
demandthe willingness and ability of consumersto purchase goods and services
supplythe willingness and ability of business to offer goods or services for sales
saveto put money aside to spend in the future
run up debtszadłużać się
equilibriuma state of balance
deficitan amount of money that is smaller than needed
surplusan amount of money that is bigger than needed
fiscal policygovernment actions concerning taxation and public expenditure
monetary policygovernment or central bank actions concerning the rate of growth of the money in circulation
money supplythe total amount of money available in an economy at a particular time
Keynesianismthe economic theory that goverment monetary and fiscal policy should stimulate market
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