economics: section 11.2
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8 Terms
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business cycle
changes in levels of economic activity over time
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expansion
AKA “the boom”
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GDP (gross domestic product)
value of all finished goods and services produced within a country during a year’s time
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GNP
value of finished goods and services produced by a nation’s citizens during a year’s time
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peak
the highest point of the expansion
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recession
period of economic decline; GDP is low for 2 months or longer
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trough
the lowest point
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depression
an especially severe recession
Note 
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