Economic Trends
Buisness Cycle Phases
Graphs
100
An increase in real GDP occuring over time
What is economic growth
100
Point on graph in which buisness activity has reached a temporary maximum.
What is a Peak.
100
(Graph 1)
What is recession
200
Growth lessens the burden of this
What is scarcity
200
A period of decline in total output, income, employment, and trade.
What is a Recession.
200
Graph 2
What is recovery
300
increasing input of resources and increasing productivity or those goods yeilds what?
What is additional output
300
Graph reaches this point when output and employment "bottom out" at their lowest levels
What is a Trough.
300
graph 3
What is peak
400
alternating rises and declines in the level of economic activity is displayed in this.
What is the business cycle
400
When output and employment rise toward full employment--price level also begins to rise
What is a Recovery.
400
graph 4
What is growth trend
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