Key Concepts (Grade 12 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are business cycles?
What are business cycles?
Alternating phases of expansion & contraction
How long must economic decline last to be officially defined as a recession?
How long must economic decline last to be officially defined as a recession?
At least two consecutive quarters
What is the peak in a business cycle?
What is the peak in a business cycle?
Highest point of economic growth
What is the trough in a business cycle?
What is the trough in a business cycle?
Lowest point of economic contraction
What relationship does the Phillips-curve demonstrate?
What relationship does the Phillips-curve demonstrate?
Unemployment levels & inflation rates
What are the four distinct phases of a business cycle?
What are the four distinct phases of a business cycle?
Recovery, prosperity, recession, depression
What are the two main periods of a business cycle?
What are the two main periods of a business cycle?
Contraction & expansion
What does depression represent in a business cycle?
What does depression represent in a business cycle?
Severe deepening of recession conditions
How do business cycle patterns occur?
How do business cycle patterns occur?
Repeatedly but never same intensity/duration
What is an economic indicator like GDP used for?
What is an economic indicator like GDP used for?
Track where economy stands in current cycle