UNDERSTANDING
Business I n a G l o b a l E c o n o m y
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Part 2:
Classification of E c o n o m i c C o n d i t i o n s
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Prosperity Employment rate and demand for products and services are high.
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Recession Unemployment rate is increasing and demand for
products and services are lowering.
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Depression Unemployment rate is high and demand for products and services is lowering.
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Recovery Unemployment rate is lowering and demand for products and services is increasing.
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Changing
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Conditions
Inflation An increase in the general level of prices.
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Deflation An decrease in the general level of prices.
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Consumer
An decrease in the general level of prices.
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Price
Index A measure of the average change over time in the prices paid
by consumers for consumer goods and services.
Interest Rate The cost of borrowing money.
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