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Supply/Demand & Business Cycle Vocabulary

STUDY
PLAY
Prosperity
The peak of economic activity.
Recession
A slowdown of economic activity.
Depression
A drop in all economic activities that lasts for several years.
Recovery
A rise in business activity after a recession or depression.
Prolonged
Extended period of time.
GDP
Gross Domestic Product; The total value of the goods and services produced in a country in a given year.
Supply
The amount of goods and services that producers will provide at various prices.
Demand
The amount or quantity of goods and services that consumers are willing to buy at various prices.
Equilibrium Price
The point at which the quantity demanded and the quantity supplied meet.
Elasticity
The measure of responsiveness of demand and supply of a good or service due to an increase or decrease in its price.