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economics today and tomorrow chapter 13.4

STUDY
PLAY
business fluctuations
ups and downs in an economy
business cycle
irregular changes in the level of total output measured by real GDP
peak/boom
period of prosperity in a business cycle in which economic activity is at its highest point
contraction
part of the business cycle during which economic activity is slowing down
recession
part of the business cycle in which the nation's output (real GDP) declines for at least six months
depression
major slowdown of economic activity
trough
lowest part of the business cycle in which the downward spiral of the economy levels off
expansion/recovery
part of the business cycle in which economic activity slowly increases