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10 Cards in this Set
- Front
- Back
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a period of macro-economic expansion followed by a period of contraction
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business cycle
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a period of economic growth as measured by a rise in real GDP
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expansion
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a steady, long-term increase in real GDP
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economic growth
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the height of an economic expansion, when real GDP stops rising
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peak
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a period of economic decline marked by falling real GDP
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contraction
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the lowest point in an economic contraction, when real GDP stops falling
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trough
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a prolonged economic contraction
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recession
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a recession that is especially long and severe
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depression
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a decline in real GDP combined with a rise in the price level
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stagflation
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key economic variables that economists use to predict a new phase of a business cycle
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leading indicators
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