Key Concepts (Grade 12 NSC Matric Economics): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Business cycle
Business cycle
Alternating phases of economic expansion and contraction
Recession duration requirement
Recession duration requirement
At least two consecutive quarters of negative growth
Peak in business cycle
Peak in business cycle
Highest point of economic growth
Trough in business cycle
Trough in business cycle
Lowest point of economic contraction
Depression
Depression
Economy's weakest performance; severe deepening of recession
Economic indicator
Economic indicator
Statistical measures tracking economic trends (e.g., GDP)
Phillips-curve
Phillips-curve
Model showing relationship between unemployment and inflation
Two main periods of business cycle
Two main periods of business cycle
Contraction (decline) and expansion (growth)
Two turning points of business cycle
Two turning points of business cycle
Trough (lowest point) and peak (highest point)
Four phases of business cycle
Four phases of business cycle
Recovery, prosperity, recession, depression