business cycle and gdp Flashcards
1
Q
gross domestic product (gdp)
A
total amount of final goods or services made in a country
2
Q
final good
A
goods or services that have been created or provided
3
Q
intermediate goods
A
goods or services that have not bee finished or provided
4
Q
nomial gdp
A
measurement of gdp but includes inflation, very inaccurate
5
Q
real-gdp
A
measurement of gdp that uses nominal gdp and adjusts for inflation to be the most accurate
6
Q
business cycle
A
series of ups and downs in the economy
7
Q
expansion
A
period in which the gdp is growing
8
Q
peak
A
period in which gdp is at it highest
9
Q
contraction
A
period in which the gdp is falling
10
Q
recession
A
when gdp is negative for more than 2 consecutive quarters (6 months)
11
Q
trough
A
the lowest point in the business cycle.
