ECON-Final49 cards

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The four phases of the business cycle:

Peak Contraction Trough Expansion


What are the functions of a central bank?

1. Clearing house- bank transactions 2. Regulate banks- regulations 3. Bankers bank- bank loans 4. Control $ supply- interest 5. Lender of last resort- $ Always in system


Why does sticky prices and sticky wages create a recession?

Demands fall Too much surplus Too many workers