Untitled Flashcards Set

studied byStudied by 0 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 12

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

13 Terms

1

Business Cycle

Fluctuations in the economy characterized by changes in economic activity.

New cards
2

Peak

The height of the economy where it is most prosperous.

New cards
3

Recession

A period where GDP does not grow for at least 6 months (2 quarters).

New cards
4

Depression

A severe recession where real GDP decreases over 10%.

New cards
5

Trough

The lowest point of a downturn, specifically in a recession or depression.

New cards
6

Expansion/Recovery

A phase where real GDP grows.

New cards
7

Aggregate Supply

The total goods and services that businesses are willing and able to produce based on changes in the price level.

New cards
8

External Shocks (to Aggregate Supply)

Factors such as weather, oil prices, and technological changes that can affect aggregate supply.

New cards
9

Aggregate Demand

The total goods and services purchased by all sectors of the economy, influenced by changes in the price level.

New cards
10

External Shocks (to Aggregate Demand)

Factors such as household wealth, consumer confidence, and government policy that can impact aggregate demand.

New cards
11

Characteristics of Fluctuation

Irregular and unpredictable changes in economic variables, impacting the standard of living.

New cards
12

Effect of AD on Expansion

When aggregate demand increases, it leads to expansion where prices rise and aggregate supply is boosted.

New cards
13

Effect of AD on Recession

When aggregate demand decreases, it causes a recession leading to falling prices and decreased aggregate supply.

New cards

Explore top notes

note Note
studied byStudied by 13 people
884 days ago
5.0(1)
note Note
studied byStudied by 37 people
869 days ago
5.0(1)
note Note
studied byStudied by 57 people
676 days ago
5.0(1)
note Note
studied byStudied by 82 people
388 days ago
5.0(2)
note Note
studied byStudied by 11 people
845 days ago
5.0(1)
note Note
studied byStudied by 7 people
915 days ago
5.0(1)
note Note
studied byStudied by 11 people
706 days ago
5.0(2)
note Note
studied byStudied by 337 people
211 days ago
5.0(1)

Explore top flashcards

flashcards Flashcard (50)
studied byStudied by 8 people
366 days ago
5.0(1)
flashcards Flashcard (78)
studied byStudied by 57 people
7 days ago
5.0(1)
flashcards Flashcard (87)
studied byStudied by 80 people
373 days ago
5.0(1)
flashcards Flashcard (30)
studied byStudied by 6 people
307 days ago
5.0(1)
flashcards Flashcard (20)
studied byStudied by 21 people
757 days ago
5.0(1)
flashcards Flashcard (25)
studied byStudied by 1 person
720 days ago
5.0(1)
flashcards Flashcard (96)
studied byStudied by 1 person
303 days ago
5.0(1)
flashcards Flashcard (68)
studied byStudied by 23 people
177 days ago
5.0(1)
robot