Econ Unit 4, Quiz #1

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Terms in this set (16)
a term meaning "large economics" that covers large-scale economic issues. While a single company has employees, a nation has a national employment rate. While a single firm produces a set of goods or services, a nation has a Gross Domestic Product (GDP), which is the sum of all goods and services produced.
Image: macroeconomics
contractiona stage in the business cycle in which the economy as a whole is in decline.troughthe lowest point in the business cycle, marking the end of an economic contraction and the start of a recovery.recoverya stage in the business cycle that signals the beginning of economic growth and the end of a recession.expansiona stage in the business cycle in which the economy as a whole grows until it reaches a peak.recessiona decrease in total output that lasts for at least two consecutive quarters of a year.depressiona long downturn in economic activity in one or more than one economy

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