Business Cycle, Indicators, and Economic Measures: Key Concepts for Economics
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16 Terms
Business Cycle
Repeating pattern of economic growth and decline
Expansion
Period of economic growth
Peak
Highest point of economic activity
Contraction
Period of economic decline
Trough
Lowest point of economic activity
Recession
Economic decline lasting six months or more
Depression
Severe and long-lasting recession
Real GDP
GDP adjusted for inflation
Real GDP per Capita
GDP divided by population
Productivity
Output produced from a given set of inputs
Human Capital
Skills and knowledge of workers
Capital Deepening
Increase in capital per worker
Leading Indicator
Predicts future economic changes
Coincident Indicator
Reflects current economic conditions
Lagging Indicator
Confirms past economic changes
NBER
Organization that tracks U.S. business cycles
Note 
Flashcards (49)