Macroeconomic Terms & Definitions

The business cycle involves alternating periods of economic expansion and contraction

A consumer is one that purchases goods and services in an effort at maximize utility

Demand is a relationship between price and quantities of goods and services purchased

Durable goods are those expected to last for more than a year

Economics is the study of how society allocates scarce resources

Frictional unemployment is the natural state of unemployment as workers choose to leave one job for another

Inflation involves an increase in the cost of goods and services over time

Liquidity is the ability to convert assets into cash

Market is a place where buyers and sellers come together to negotiate the price of goods and services

Personal income is individual or household income

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Approximate Word count = 600
Approximate Pages = 2 (250 words per page)

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