Business Cycle

GDP

'Gross Domestic Product - GDP' The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis.

Inflation

a general increase in prices and fall in the purchasing value of money

Unempploymet

the state of being unemployed

Buisness Cycle

The fluctuations in economic activity that an economy experiences over a period of time. A business cycle is basically defined in terms of periods of expansion or recession.
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Business Cycle Picture

Peak-The highest point between the end of an economic expansion and the start of a contraction in a business cycle.


Expansion-An economic expansion is an increase in the level of economic activity, and of the goods and services available.


Trough-A trough is a low turning point or a local minimum of a business cycle.


Recession-A slowdown or a massive contraction in economic activities

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Questions

1. This project helped me understand how we measure our economy because it gave me various descriptions of the words that we need to know which deepened my understanding of them.

2. This project has made me understand the business cycle because I know all of the parts of it now and can relate vocabulary words to it.

3. I worked alone and I feel like I put in a decent amount of effort on this.

4. This concept can apply to my life because I can know when to shop for certain things and understand why the prices are the way that they are.

5. No there is nothing about the vocab that I do not understand.

IB Econ 2.1 - The Business Cycle