Standard E Flashcards
1
Q
The height of an economic expansion .
When real GDP Stops rising.
A
Peak.
2
Q
A period of economic decline marked by falling real GDP.
A
Contraction.
3
Q
The lowest point in an economic contraction, when real GDP stops falling.
A
Trough.
4
Q
A period in a business cycle following a recession, during which the real GDP rises.
A
Recovery.
5
Q
A period of economic growth as measured by a rise in real GDP.
A
Expansion.
6
Q
A decline in the date of national economic activity, usually measured by a decline in real GDP for at least two consecutive quarters. (i.e., six months).
A
Recession.
7
Q
A severe, prolonged economic contraction.
A
Depression.
8
Q
Business cycle
A
Measured by real GDP
Fluctuations in the overall rate of national economic activity with alternating periods of expansion and contraction .
