Business Cycle
The total value, in dollars, of all finished goods and services produced within the nation each year?
What is GDP
A period, occurring for 2 consequtive quarters, in which the demands begin to decrease, businesses lower production, and unemployment begins to rise?
What is Recession?
A phase marked by a prolonged period of high unemployment, more than 2 quarters of negative GDP, and business failures
What is a Depression?
This is a decrease in the purchasing power of money, reflected in a general increase in the prices of goods and services in an economy.
What is Inflation?
What is the highest point of the business cycle?
What is the Peak
In 2008, the United States experienced the __________, as a result of collapse of the real estate industry due to predatory lending practices.
What is the "Great Recession"?
The period in of the history of the United States that stretched from 1930-1940 is referred to as ________________.
What is "The Great Depression"?
Expansion can be slow or ________.
What is fast?
Decrease in the general level of prices, often used to encourage spending.
What is deflation?
This happens to GDP in during the Expansion phase of the Business Cycle.
What is GDP increases?
if people buy fewer cars, a number of workers who make tires, batteries, and other parts may loose their jobs. This is an example of ______.
What is cause and effect aka The ripple effect?
3 things that signal an economic depression.
What is high unemployment, more than 2 quarters of negative GDP, and business failures?
3 things happen during Expansion.
What is unemployment falls, more jobs are available, and businesses produce more goods and services.
The rise and fall of the ______________ is used by economists to measure the health of the economy.
What is the Business Cycle?
The Peak is the ____ point of the business cycle.
What is Highest?
Businesses cut back production and layoff people. Unemployment increases. The number of available jobs starts to decline.
What is Contraction?
During a depression most people can barely afford the things that are necessary for survival.
What are basic needs?
As recovery continues in a nation that nation moves into a period of economic ______________.
What is prosperity aka the Peak of the Business Cycle?
The phase of the Business Cycle where activity and prices are bottoming out right before a rise.
What is the Trough?
This eventually happens to the economy, although not immediatel, once it hits the Peak of the Business Cycle?
What is it starts to go down or contract?
During a recession GDP growth slows (is negative) for at least ____ quarters of the calendar year?
What is 2 quarters?
In 2008, the country of ____________ experienced the greatest peacetime Depression in recorded history.
What is Greece?
Another word for the Expansion phase of the Business Cycle.
What is the Recovery phase?
The peak of the business cycle is often referred to as a period of economic ______________.
What is Propserity?