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unit 14

esp111

Business cycle model a model showing the increases and decreases of a nation's real GDP over time, this model typically demonstrates an increase in real GDP over the long run, combined with short-run fluctuations in output
Expansion the phase of the business cycle during which output is increasing
Recession the phase of business cycle during which output is falling
Depression a deep and prolonged recession
Peak the turning point in the business cycle between an expansion ans a contraction; during a peak in the business cycle, output has stopped increasing ans begins to decrease
trough the turning point in the business cycle between a recession and a expansion; during a trough in the business cycle, output that had been falling during the recession stage of the business cycle bottoms out and begins to increase again
recovery when GDP begins to increase following a contraction and a trough in the business cycle; an economy is considered in recovery intil real GDP returns to its long-run potential level
potential output the level of output an economy can achieve when it is producing at full employment; when an economy is producing at its potential output, it experiences only its natural rate ot unemployment, no more and no less
Growth trend the straight line in the business cycle model, which is usually upward-sloping and shows the long-run pattern of change in real GDP overtime
positive output gap the difference between actual output and potential output when an economy is producing less than full empm output; when there is a Pog, the rate of unemployment is less than the ntural rate of unemployment and an economy is operating outside of its PPC
Negative output gap the difference between actual output and potential output when can economy is producing less than full employment output; when there is a NOG, the rate of unemployment is > than the natual rate of unemployment ans an economy is operating inside its PPC
Created by: user-1910989
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