Unit 1: Topic 4- Business Cycles
Business Cycles- Fluctuation in economic activity that an economy experiences over a period of time
Expansion- periods of economic upturn when output and employment are rising.
Peak- (the highest point) this is the period where business has reached a temporary maximum, near/at full employment.
Contraction-(recession) period of decline in total output, income, and employment
Trough - Lowest point, goes from recession to depression
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