economics chapter 14 section 1 – Flashcards
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business cycles
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largely systematic ups and downs of real GDP
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business fluctuations
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the rise and fall of real GDP over time in a non systematic manner
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recession
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a period in which real GDP declines for two quarters
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peak
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the point at which real GDP stops going up
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trough
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the turnaround point where real GDP stops going down
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expansion
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period of recovery from a recession
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trend line
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graph line showing even economic growth
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depression
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a state of the economy with large numbers of people out of work
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depression scrip
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currency printed by local authorities to pay workers during the Great Depression
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econometric model
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a macroeconomic model that uses algebraic equations to show how the economy behaves
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index of leading indicators
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monthly statistics used to predict the direction of future business
