Oil prices do have an impact on the U.S. economy, but it goes two ways because of the diversity of industries. consumer, business & government goods and services & net exports or imports of goods and services. a system that collects macroeconomic statistics on production, income, investment, and savings, the dollar value of all final goods and services produced within a country's borders in a given year, goods used in the production of final goods, goods that last for a relatively long time, the annual income earned by U.S. - owned firms and U.S. citizens, the loss of the value of captial equipment tha tresults from normal wear and tear, the total amount of goods and services in the economy abailable at all possible price levels, the anound of goods and services in teh economy that will be purchased at all possible price levels, a period of macroeconomic expansion followed by a period of contraction, a period of economic growth as measured by a rise in real GDP, the height of an economic expansion, when real GDP stops rising, a period of economic decline marked by falling real GDP, the lowest point in an economic contraction, when real GDP stops falling, a recession that is especially long and severe, a decline in real GDP combined with a rise in the price level, key economic variables that economists use to predict a new phase of a business cycle, unemployment that occurs when people take time to find a job, unemployment that occurs as a result of harvest schedules or vacations, unemployment that occurs when workers' skills do not match the jobs that are available, unemployment that rises during economic downturns and falls when the economy improves, the percentage of nations's labor force that is unemployed, the level of employment reached when there is no cyclical unemployment, working at a job for which one is overqualified, the ability to purchase goods and services, a measurement that shows how the average price of a standard group of goods changes over time, a price index determind by measuring the price of a standard group of goods meant to represent the 'market basket' of a typical urban consumer, a representative collection of goods and services, the percentage rate of change in price level over time, the rate of inflation excluding teh effects of food and energy prices, theory that too much money in the econmy causes inflation, theory that inflation occurs when demand for goods and services exceeds exsistin supplies, theory that inflation occurs when producers raise prices in order to meet increased costs, the process by which rising wages cause higher prices, and higher prices, and higher prices cause higher wages, income that does not increase even when prices go up. Inflation is a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over some period of time. the anound of goods and services in teh economy that will be purchased at all possible price levels. Prices in a competitive mart economy are neutral because they favor neither the producer nor the consumer. A method of calculating GDP that calculates GDP by adding up all the incomes in the economy. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply. the total amount of goods and services in the economy abailable at all possible price levels.

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