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Business Cycle Vocabulary

Peak
the height of an economic expansion, when real GDP stops rising
Expansion
a period of economic growth as measured by a rise in real GDP
Recession
A period of an economic contraction, sometimes limited in scope or duration.
Contraction
a period of economic decline marked by falling real GDP
Work Force
All people 16 years and over who are employed or are looking for a job.
Employment
Having a job or career and responsibilities that go with it
Business Cycle
a period of macroeconomic expansion followed by a period of contraction, alternating periods of economic expansion and economic recession.
Gross Domestice Product
Total value of goods produced and services provided in a country durring one year
Production
the process of creating goods and services
Output
the amount produced

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