Business Cycle 2
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Last updated 4:13 AM on 10/16/26
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13 Terms
1
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Expansion
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Contraction
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Boom
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Recovery
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Peak
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Trough
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Inflationary Gap
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Recessionary Gap
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Trend line representing "Potential Output"
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Phase during which unemployment drops below NRU
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Segment of the graph representing the emergence of cyclical unemployment.
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Up
If aggregate output is increasing which direction is the curve moving?
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The parts of the graph where actual output > potential output.
