the business cycle Flashcards
1
Q
what are the goals of macroeconomics
A
high employment, stable prices and economic growth
2
Q
What are the four points on a business cycle
A
expansion, peak, recession and trough.
3
Q
A
4
Q
what is recession?
A
Recession is a significant decline in economic activity in the economy lasting for more than a few months with a decline in employment, economic growth, production and real GDP.
