Econ vocab

Inflation

• Will occur when an enconomy is growing

• Will cause prices to generally increase over time

• Will cause prices to decrease over time generally

• Will cause prices to flatline

The total value of all goods and services produced within a country's borders.

Define: Contraction

• Phase of business cycle with increasing economic activity

• Phase of business cycle with loud economic activity

• Phase of business cycle with decreasing economic activity

• Phase of business cycle with cyclical economic activity

The low-point transition of economy from a period of decline to a growth phase

• Recession

• Peak

• Inflation

• Trough

Severe downturn in the business cycle

• Recession

• Unemployment

• contraction

• Inflation

Percentage of people over the age of 16 trying and unable to find work

• Recession

• Economic upturn

• Unemployment

• Employment

Turning point from growth to decline, where production reaches the highest current level

• Trough

• Peak

• Valley

• Plane