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Nataly Leza-Chavez 2nd Period Business Cycle A representation concerning the patterns of expansion and contraction in the economy, consisting of the growth, peak, recession and trough phases Growth The increase in the key measurements of aggregate economic activities such as employment, sales and income resulting in a rise productivity; also known as expansion or recovery Peak The period in which business activity has reached a maximum Recession Two consecutive quarterly declines in Gross Domestic product; also known as contraction Trough The lowest levels experienced during a recession; accounts for the least amount of output and employment Aggregate The sum or whole amount of something Productivity Measurement of physical output for each unit of input used, usually referring to labor hours Opportunity Cost An implied cost of using a resource to produce a product whih is equal to the income which could be recieved if the same resource was used to produce another product Gross Domestic Product The total market value for all goods and services produced within the borders of a country during a specific time period