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12-2 Vocabulary JW

Vocabulary JW

QuestionAnswer
Business Cycle The series of growing and shrinking periods of economic activity measured by increases or decreases in real GDP.
Economic Growth The increase in a nation's real GDP over a period of time.
Recession A prolonged economic contraction lasting two or more quarters (six months or more).
Depression An extended period of high unemployment and reduced business activity.
Trough A phse of the business cycle, the point at which real GDP and employment stop declining.
Contraction The contraction phase begins after the peak. As producers cut back, resources become scarce and prices tend to stablize or fall. Unemployment rises because employers produce less.
Expansion The expansion is a period of economic growth, an increase in a nation's real gross domestic product (GDP).
Aggregate Demand The sum of all the demand in an economy.
Aggregate Supply The sum of all the supply in an economy.
Stagflation Describes periods during which prices rise at the same time that there is a slowdown in business activity.
macroeconomic equilibrium The point where the quantity of aggregate demand equals the quantity of aggregate supply.
Peak The point at which real GDP is the highest represents the peak of the business cycle.
Leading indicators Measures of economic performance that usually change six to nine months before real GDP changes. Examples are: New building permits, orders for capital goods and consumer goods, manufacturing, stock prices, and money supply.
Coincident indicators Measures of economic performance that usually change the same time as real GDP changes.
Lagging indicators Measures of economic performance that usually change after real GDP changes.
Created by: joannw15
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