Sunday, February 4, 2018

Unit 1 - Business Cycles


  • fluctuations in economic activity that an economy experiences over a period of time
  • Expansion - a period of economic upturn when output and input (employment) are rising
  • Peak - highest point; where business activity has reached a temporary maximum; it is near or at full-employment
  • Contraction/Recession - a period of decline in total amount of output, income, and employment
  • Trough - our lowest point; point in which economy turns from recession to depression
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