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APA
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Literature & Language
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Essay
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English (U.S.)
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Commonly used economic terms (Essay Sample)

Instructions:
SHORT ANSWER (200 words or less): Inflation, stagflation, recession, depression, expansion, and contraction are commonly used terms in economics and the media. What do these terms mean? In your explanation, discuss how some of these terms are related? ** if possible use source from ECON Macro by Willaim A. McEachern (available online via cengage learning) source..
Content:
Defining Economic Terms
Inflation and stagflation are two terms used to describe the change in average prices in a territory in a specific period of time. When economists use the term inflation, they are referring to the increase in average price levels in an economy ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "family" : "McEachern", "given" : "William A." } ], "edition" : "2nd ed", "id" : "ITEM-1", "issued" : { "date-parts" : [ [ "2010" ] ] }, "publisher" : "Cengage Learning", "title" : "ECON Macro", "type" : "book" }, "uris" : [ "/documents/?uuid=1fce4bfb-ceee-4b41-be60-e6d95730a455" ] } ], "mendeley" : { "manualFormatting" : "(McEachern, 2010, p.73)", "previouslyFormattedCitation" : "(McEachern, 2010)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" }(McEachern, 2010, p.73). Meanwhile, stagflation is used to describe a condition wherein prices are increasing but outputs are decreasing ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "family" : "McEachern", "given" : "William A." } ], "edition" : "2nd ed", "id" : "ITEM-1", "issued" : { "date-parts" : [ [ "2010" ] ] }, "publisher" : "Cengage Learning", "title" : "ECON Macro", "type" : "book" }, "uris" : [ "/documents/?uuid=1fce4bfb-ceee-4b41-be60-e6d95730a455" ] } ], "mendeley" : { "manualFormatting" : "(McEachern, 2010, pp.172-173)", "previouslyFormattedCitation" : "(McEachern, 2010)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" }(McEachern, 2010, pp.172-173).
The terms recession, depression, expansion and contraction are used to describe economic fluctuations. Recession, contraction and depression, describe decreases in economic activity, the difference between them rely on the severity of decline. Recession is defined as "a decline in economic activity [whic...
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