UNIT 3 24-25 Economics Review

Front

Macroeconomics

Back

The study of a group's, or even whole countries' choices.

Front

Boom

Back

The economy is good (low unemployment and high GDP).

Front

Recession

Back

The economy is bad (no economic growth for at least 2 consecutive quarters).

Front

GDP

Back

Measures the dollar value of all final goods and services produced in an economy in a single year.

Front

How often GDP is Measured

Back

Quarterly, to see if it is growing or shrinking over 3 months and make plans for the future.

Front

Expansion

Back

When the GDP is growing (the economy is improving, with lower unemployment and improved GDP).

Front

Contraction

Back

When GDP is shrinking (the economy is bad, with rising unemployment and decreasing GDP).

Front

Business Cycle

Back

Normal swings in GDP from good/boom (expansion/growing) to bad/recession (contractions/shrinking).

Front

Peak

Back

Highest point in a business cycle's expansion.

Front

Trough

Back

Lowest point in a business cycle's contraction.