| A | B |
|---|
| expansion | Rising level of business activity |
| trough | Lowest level of business activity in a business cycle |
| standard of living | Measure of how well the people in an economic system live |
| business cycle | Repeated rise and fall of economic activity over time |
| gross domestic product | monetary value of all final goods and services produced in a country |
| peak | highest level of economic activity |
| inflation | prolonged rise in level of prices for goods and services |
| economic fluctuations | Ups and downs in economic activitiy |
| contraction | noticeable drop in the level of business activity |
| recession | period of severe economic decline |
| economic indicators | GDP, inflation and unemployment |
| inflation rate | percentage by which the averabe level of prices in an economy rises |
| depression | long period of very severe economic decline |
| unemployment rate | percentage of the workforce looking for work that does not have jobs |
| recovery | period of economic growth following recession or depression |
| national debt | the amount of money a government owes |
| budget deficit | result of a government spending more than it collects in taxes |
| deflation | a decrease in the cost of goods and services |
| prosperity | condition of low unemployment |
| level of productivity | how much a country produces |
