The Economic Cycle (Junior Cert Business Studies): Flashcards

Natural rise and fall pattern in economy over time

Boom, recession, slump, recovery

Period of high economic growth with rising living standards

High - companies need more workers to meet demand

Bust

Period of falling economic growth where activity contracts

Extended recession with very low or negative growth

High - many people unable to find work

When economy starts growing again after recession or slump

Falling unemployment, increased spending, stable inflation

Nickname for Ireland's boom (mid-1990s to late 2000s)

Around 4%

Rose from 5% to 15%