The Business Cycle Flashcards
1
Q
business cycle
A
a model of economic change that shows a pattern of growth and decline
2
Q
depression
A
a time when the economy of a country is very poor and the unemployment rate is very high
3
Q
production
A
the creation of goods and services in an economy
4
Q
recession
A
a decline in the business cycle, when people produce and spend less
5
Q
recovery
A
an upturn in the business cycle, when people produce and spend more
