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economics today and tomorrow chapter 13.4
ups and downs in an economy
irregular changes in the level of total output measured by real GDP
period of prosperity in a business cycle in which economic activity is at its highest point
part of the business cycle during which economic activity is slowing down
part of the business cycle in which the nation's output (real GDP) declines for at least six months
major slowdown of economic activity
lowest part of the business cycle in which the downward spiral of the economy levels off
part of the business cycle in which economic activity slowly increases