The Business Cycle (HSC SSCE Economics): Flashcards
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Practise the cards
10 cards from this deck
Business cycle
Business cycle
Recurring patterns of expansion & contraction in economies
Recession definition
Recession definition
Two consecutive quarters of negative economic growth
GDP stands for
GDP stands for
Gross Domestic Product
Boom phase also called
Boom phase also called
Upturn
Unemployment during recession
Unemployment during recession
Rises
Unemployment during boom
Unemployment during boom
Falls
Govt aim for business cycle
Govt aim for business cycle
Smooth out/moderate the cycle
Australia's growth record by 2019
Australia's growth record by 2019
28 consecutive years without recession
Economic activity
Economic activity
Total goods & services produced in economy over time
Peak in business cycle
Peak in business cycle
Highest point of economic activity before slowdown