Chapter 17 Flashcards
1
Q
Aggregation
A
The process of combining different things into a single category
2
Q
Business Cycles
A
Fluctuations in real GDP around its long-term growth trend
3
Q
Depression
A
An unusually severe recession
4
Q
Economic Growth
A
THe increase in our production of goods and services that occurs over long periods of time
5
Q
Expansion
A
A period of increasing real GDP
6
Q
Recession
A
A period of significant decline in real GDP
