Business Cycle
- It is the fluctuation in economic activity that an economy experiences over a period of time
Expansion
- it is a period when you experience high real GDP and high employment
Peak
- It is the highest point just before the unemployment rate rises
Contraction/Recession
- real GDP decreases, and unemployment is high
Trough
- lowest point, and often called a depression
Video:
https://www.youtube.com/watch?v=QAZuCXkvU2k
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