8.4. Business Cycle
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Last updated 11:55 AM on 4/24/25
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11 Terms
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Business cycles
Consists of short-term fluctuations
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Expansion
Occurs when there's a positive growth in real GDP
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Peak
Represent the cycle's maximum real GDP, and marks the end of expansion. Economy is likely to be experiencing inflations
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Contraction
The economy begins to experience falling real GDP or negative growth
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Recession
If contraction last six months or more→falling real GDP and growing unemployment resources
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Through
End of contraction → new period of expansion also known as recovery
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Potential growth
Output represented by the long-term growth trend
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