- 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
Sunday, February 4, 2018
Unit 1 - Business Cycles
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