Ways of Representing Business Cycles (Grade 10 NSC Matric Economics): Flashcards
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Time series
Time series
Data collected at regular intervals (weekly, monthly, quarterly)
CPI
CPI
Consumer Price Index - tracks changes in cost of living
Real GDP
Real GDP
Total value of goods and services produced
Meaning of 'real' in economics
Meaning of 'real' in economics
Inflation effects removed from data
Four phases of business cycle
Four phases of business cycle
Prosperity, recession, depression, recovery
Official prosperity definition
Official prosperity definition
Economy grown for 6 consecutive months
Recession definition
Recession definition
Economic growth declines for 2 consecutive quarters
Peak in business cycle
Peak in business cycle
Highest point of economic activity (upper turning point)
Trough in business cycle
Trough in business cycle
Lowest point of economic activity (lower turning point)
Depression
Depression
Extended recession with large-scale unemployment