Economics - Economic cycle (GDP)

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Economics

IGCSE Economics

Edexcel

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4 Terms

1
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Boom

peak of the cycle where GDP is growing at its fastest (Because the economy is performing well)

2
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Downturn

GDP grows, but more slowly. (Always followed by a boom)

3
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Recession

period of temporary economic decline — trade and industrial activity are reduced.

  • fall in GDP in two succesive quarters

4
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Recovery

Where GDP starts to rise again — economic activity starts to increase again.