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