Which term means the total value of all goods and services produced in a country in one year?

What is the business cycle?

Which phase of the business cycle is when the economy grows and businesses hire more workers?

What is the lowest point in the business cycle called?

What does the unemployment rate measure?

What is inflation?

Which phase of the business cycle is at its highest point, where growth slows down but things are still good?

What is a recession?

Which phase of the business cycle comes after the trough?

If the GDP of a country increases, what does this usually mean about the country’s economy?

During which phase of the business cycle are businesses most likely to lay off workers?

If the unemployment rate goes up, what does this tell us about jobs in the country?

If prices for goods and services go up over time, what is happening?

Which phase of the business cycle would you expect people to spend less money?

If a country’s GDP is very high, what might this mean for the people living there?

Imagine the economy is at its peak. What might happen next in the business cycle?

If you notice that many stores are closing and people are losing jobs, which phase of the business cycle is most likely happening?

Suppose the unemployment rate is very low and people are spending a lot of money. Which phase of the business cycle does this describe?

If the economy has just reached its lowest point and starts to recover, what phase is beginning?