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