5 Strategies to Attain Goals Flashcards
1
Q
What is an economic cycle?
A
The natural fluctuation of the economy between periods of expansion (growth) and contraction (recession).
2
Q
Define expansion in the context of the economy.
A
A period of growth in the general economy.
3
Q
What is inflation?
A
A general increase in prices and accompanying fall in the purchasing value of money.
4
Q
What does the term peak refer to in the economic cycle?
A
The highest point in the economic cycle.
5
Q
Define recession.
A
A period of contraction in the general economy.
6
Q
What is a trough in economic terms?
A
The lowest point in the economic cycle.
