Economics- GED set 1
Terms in this set (11)
The increasing of business activity through four phases: expansion, peak, contraction, and trough.
The phase of the business cycle characterized by an increase in business activity.
A reduction in business activity.
A general increase in the prices due largely to a decline in the value of money.
A condition of higher prices due to demand for goods in short supply.
Higher prices caused by a push for higher wages (wage-price spiral)
A period when production declines and people have less money.
The condition that results from a severe reduction of business activity.
Goods produced in one country and sent to another country for sale.
Goods brought into a country that are produced in another country.
Balance of trade
The difference between the total value of goods and services exported and the total value of goods and services imported.