Composition, Features, and Explanations of Business Cycles (Grade 12 NSC Matric Economics): Flashcards
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Business cycle definition
Business cycle definition
Successive periods of growth and decline in economic activities
Recession definition
Recession definition
Negative economic growth for at least two successive quarters
Peak in business cycle
Peak in business cycle
Point where economic expansion is at its highest
Trough in business cycle
Trough in business cycle
Point where economic contraction is at its lowest
Depression in business cycle
Depression in business cycle
Economic activity at its lowest, deepening of recession
Two periods in business cycle
Two periods in business cycle
Contraction and expansion phases
Four phases of business cycle
Four phases of business cycle
Recovery, prosperity/boom, recession, and depression
Exogenous explanation of cycles
Exogenous explanation of cycles
Business cycles result from external factors
Endogenous explanation of cycles
Endogenous explanation of cycles
Business cycles arise from factors within economic system itself
Amplitude of business cycle
Amplitude of business cycle
Distance between peaks and troughs