The business cycle

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9 Terms

1
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Expansion

Economic growth, rising GDP, low unemployment, and increasing consumer spending.

2
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peak

The highest point of growth; prices and wages may rise quickly.

3
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contraction

GDP falls, businesses slow production, and unemployment rises.

4
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Trough

The lowest point before recovery begins again.

5
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expansion

Businesses are hiring rapidly, and wages are rising.

6
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peak

The economy reaches full production, but inflation begins to climb.

7
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Trough

Prices and interest rates fall, and new investments start to grow again.

8
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contraction

Unemployment is high but beginning to decline.

9
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Expansion

Consumer demand and confidence are strong, and GDP is increasing steadily.