Econ recession chapter 6

Trough

The lowest point of a business cycle, indicating a recession's end before the economy begins to recover.

Recession

A period of economic decline typically defined by two consecutive quarters of negative GDP growth.

Expansion

A phase of the business cycle where the economy grows after a recession, often characterized by increasing GDP.

NBER

National Bureau of Economic Research, the organization responsible for identifying and dating recessions in the United States.

GDP (Gross Domestic Product)

The total value of goods produced and services provided in a country during one year, used to gauge economic health.

Recovery

The phase following a recession where the economy begins to improve and return to its previous level of activity.