a) Trade cycle

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4 Terms

1
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  • define trade cycle


  • fluctuations in RGDP over time

    • relationship between actual growth and long-term trend growth


2
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  • show the trade cycle diagram


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3
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  • state the characteristics of an economic boom


  • economic growth

  • low unemployment

  • high inflation

  • high tax revenue + low government expenditure


4
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  • state the characteristics of an economic recession


  • two consecutive quarters of economic decline

  • high unemployment

  • low inflation

  • low tax revenue + high government expenditure