Great Depression Vocab

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Great Depression Vocab
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Economy

• the production, distribution, and consumption of
  goods and services
• (making, selling, and using)
• (goods actual items i.e. cars, radios,
  clothing, etc.)
• (services things that are done for other people
  i.e. dentist)
• (All the different ways our country makes money)

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Prosperity

• a time when the economy is very strong,
  successful
• (everything is going really well for most people
  in America)
• (the economy is nearing its highest levels)
• (top of the business cycle)

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Recession

• a period of economic decline
• (when the economy is falling for a while, going
  down)
• (the downward line of the business cycle)

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Depression

• a period when the economy has declined severely
• (economy is at its lowest levels things are
  really bad)
• (the bottom of the business cycle)

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Recovery

• a period of the economic improvement
• (economy is getting better)
• (the upward line of the business cycle)

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Supply

• the amount of a good available for purchase
• (how many goods you have ready to sell)
• (items in the store)
• (generally is either high or low in number)

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Demand

• the desire and ability to purchase goods
• (desire you want it)
• (ability to purchase you can afford it)
• (generally this is either high or low)

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Great Depression Vocab