Business Cycle Vocabulary
the height of an economic expansion, when real GDP stops rising
a period of economic growth as measured by a rise in real GDP
A period of an economic contraction, sometimes limited in scope or duration.
a period of economic decline marked by falling real GDP
All people 16 years and over who are employed or are looking for a job.
Having a job or career and responsibilities that go with it
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
the process of creating goods and services
the amount produced