| A | B |
|---|
| depression | when a recession lasts a very long time |
| expansion | the phase of the business cycle when the economy grows |
| peak | the highest point of the business cycle |
| recession | phase of the business cycle when GDP drops |
| trough | the lowest point of the business cycle |
| Gross Domestic Product GDP | total $ value of goods and services produced in a country in one year |
| Gross National Product GNP | amount of income earned by a country's companies and citizens in one year |
| business cycle | period of time when the economy grows followed by a period when it shrinks |
