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8 Cards in this Set
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- Back
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Business fluctuations
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ups and downs in an economy
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business cycle
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irregular changes in the level of total output measureed by real gdp
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Peak/boom
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period of prosperity in a business cycle in which economic activity is at it's highest point
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contraction
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partof the business cycle during which economic activity is slowing down!
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recession
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part of the business cycle in which the nations output does not grow for at least 6 months
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Deprssion
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major slowdown of economic activity
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Trough
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lowest part of the business cycle in which the clown ward spiral of the economy levels off
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expansion/recovery
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part of the business cycle in which economic activity slowly increases
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