Skip to main content
Back

Introducing Concepts - Business Cycle definitions

Control buttons has been changed to "navigation" mode.
1/14

Terms in this set (14)

  • Business Cycle
    A recurring pattern of economic ups and downs, shown by changes in employment or production over time.
  • Peak
    The highest point of economic activity before a downturn, marking the transition from growth to decline.
  • Trough
    The lowest point of economic activity, signaling the end of a decline and the start of recovery.
  • Recession
    A period marked by decreasing employment and production, also known as a contraction.
  • Expansion
    A phase where employment and production rise, often referred to as recovery.
  • Contraction
    A synonym for recession, indicating a shrinking economy with falling output and jobs.
  • Recovery
    Another term for expansion, highlighting the economy's improvement after a downturn.
  • Economic Activity
    The overall level of production and employment, used to gauge the health of an economy.
  • Employment
    The number of people working, which rises in expansions and falls in recessions.
  • Production
    The total output of goods and services, reflecting the economy's performance over time.
  • Unemployment
    The condition where fewer citizens are employed, typically increasing during downturns.
  • Graph
    A visual tool with time on the X-axis and employment or production on the Y-axis, used to illustrate economic trends.
  • Time Axis
    The horizontal line on a graph representing the passage of time in economic analysis.
  • Y-Axis
    The vertical line on a graph showing levels of employment or production in the business cycle.