The Operation of an Economy - 3. Business Cycle

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9 Terms

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Business Cycle
The fluctuation in the level of economic growth due to domestic and/or international factors.
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Economic Growth
The increase in the monetary amount of goods and services produced in an economy over a given time, often measured as a rise in GDP.
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Recession
Two consecutive quarters (or 6 months) of negative economic growth; also known as a contractionary stage or downturn.
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Expansionary Stage
The phase of the business cycle characterized by economic growth and rising GDP.
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Contractionary Stage
The phase of the business cycle marked by a decrease in economic growth, identified as a recession.
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Government Intervention
Actions taken by the government to influence the economy, especially during periods of recession or slow economic growth.
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Stimulus
Economic measures, such as financial aid or incentives, implemented by the government to boost economic activity.
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Job Keepers
A government program designed to support businesses and keep employees during economic downturns, particularly noted during the COVID-19 pandemic.
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Australia's Economic Streak
Australia experienced 29 consecutive years of economic growth without a recession until the intervention of COVID-19.