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8 Cards in this Set

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