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Peak: temp. max output and full emp.
Recession: dec. in output, income, emp, and trade
Trough: bottom of recession
Recovery: output and emp. expand towards full emp.
Causes of Business Cycle
-irregular innovation triggering Ig or C
-level of aggregate spending (rGDP, or AD)
-wars or expansion of money supple
-durable goods and construction experience largest impact by cyclical fluctuations because these purchased can be postponed
NOT included: under age 16, institutionalized
ARE included: over 16, willing and able to work
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