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Give three examples of probing questions that could be asked by someone selling new cars. Students' answers will vary based on their creativity. Examples include "What kind of car do you picture yourself driving?" "How do you plan to use the car?" "What kind of sacrifices are you willing to make so that your car will not add to pollution problems?" "What kinds of cars do your family and friends drive?" "What made you think you might want to own this model of car?"
Recession
A period of significant decline in economic activity across the economy, lasting more than a few months, typically visible in GDP, income, employment, and trade.
Business Cycle
The natural rise and fall of economic activity over time, characterized by periods of expansion, peak, contraction, and trough.
Cost-Push Inflation
Inflation caused by an increase in prices of inputs like labor and raw materials, leading to higher costs for products and services.
Demand-Pull Inflation
Inflation that occurs when demand for goods and services exceeds existing supplies, leading to higher prices.
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