ECO 181 Study Guide - Quiz Guide: Capital Good, Net National Product, Fixed Capital

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A deadline in economic activity across the entire economy (can last from 1-10. Economy- refers to all the actions that produce goods and services to satisfy human needs and desires. If there are failures in the financial system, a recession may become a great depression. Lost wealth- assets such as people"s houses are worth less money than they were before the recession, also value of stocks in people"s retirement accounts shrink. Economic policy- a focal point for conflict between economic interests, such as the majority of employees versus the very rich- especially high-income business owners. Inflation- a sustained increase in the general price of level goods and services in an economy over a period of time ex. When the price level rises, each unit of currency buys fewer goods and services. (an increase in the cost of living) Freedom of contract- freedom of individuals and groups (such as corporations) to form contracts without government restrictions.

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