GDP - GROSS DOMESTIC PRODUCT, RECESSION - a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters, INFLATION - a general increase in prices and fall in the purchasing value of money., DEFLATION - reduction of the general level of prices in an economy., ECONOMIC BUBBLE - a huge surge in the prices of real estate and stock prices. The dot-com boom, also called the dot-com bubble, was a stock market bubble in the late 1990s., SUPPLY AND DEMAND - the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price., BUDGET - an estimate of income and expenditure for a set period of time., SCARCITY - the state of being scarce or in short supply; shortage.,

New Horizons - B2 - Vocabulary - Lesson 21 - Practice 4

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