The Business Cycle Flashcards
1
Q
What does the business cycle show?
A
Economic fluctuations in the economy over a period of time
2
Q
What are the 5 phases of the business cycle?
A
Boom, peak, recession, slum/depression, recovery
3
Q
Which factors are taken into account in this cycle?
A
Output, employment, income, inflation
4
Q
Boom phase
A
High
5
Q
Peak phase
A
Highest
6
Q
Recession phase
A
Decreasing
7
Q
Slum/depression phase
A
Low
8
Q
Recovery phase
A
Increasing
