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EC-009 Business Cycles

AB
Aggregate demandTotal demand for an economy’s goods and services
Business cyclesPeriods of expansion and contraction in economic activities
Capital goodsManufactured or constructed items that are used to produce goods and services
ConsumptionThe process or activity of using goods and services
ContractionThe phase of the business cycle characterized by decreased demand for goods and services, rising unemployment, increased saving by consumers, and reduced sales and profits for businesses
Demand-pull inflationA rapid rise in prices that occurs when aggregate demand exceeds supply
DepressionA severe, long-lasting recession characterized by high rates of unemployment and business failures
DistributionThe process or activity by which income is divided among resource owners and producers
Durable goodsTangible items that should last a long time
Economic activitiesConsumption, production, exchange, and distribution
ExchangeThe process of trading one good/service for another
ExpansionThe stage of the business cycle characterized by increased spending and borrowing, increased demand for goods and services, increased employment rates, and decreased interest rates on loans
Federal Reserve SystemThe central banking organization of the United States that monitors and regulates the flow of credit and money
Fiscal policyThe government policy that sets levels of government spending and taxation
Gross Domestic Product (GDP)The final market value of the total output of all goods and services produced within a country’s geographic boundaries during a year’s time
InflationA rapid rise in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up
InnovationSomething new, such as a new product, strategy, or process
Leading economic indicatorsStatistical measures that signal the likely future movement of the economy; typically rise or fall 3 to 12 months prior to the rest of the economy
Monetary policyThe government policy that determines the amount of money that will be in circulation and the level of interest rates
Money supplyThe total quantity of money that exists at one time in the nation
PeakThe phase of the business cycle considered the high point of economic activity when demand begins to exceed the production capacities of producers
Real GDPThe final market value, adjusted for inflation, of the total output of all goods and services produced within a country’s geographic boundaries during a year’s time
RecessionA periodic economic contraction during which trade and economic activity are reduced, usually identified by a fall in GDP for at least two successive quarters
Standard of livingThe general conditions in which people live; quality of life
TroughThe phase of the business cycle considered the low point of economic activity; characterized by high rates of unemployment and business failures

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