3 Tutorials that teach Business cycles--Expansionary/Recessionary (NBER)
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Business cycles--Expansionary/Recessionary (NBER)

Business cycles--Expansionary/Recessionary (NBER)

Author: Colton Cranston

This lesson covers the business cycles.

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Business Cycle-Expansionary/Recessionary (NBER)

Source: Images by Video Scribe, License held by Colton Cranston; Graph of Real GDP 2003 to 2013, St. Louis Federal Reserve gdpc1 series, public domain, http://research.stlouisfed.org/fred2/graph/

Terms to Know
  • Business Cycles

    The movement of an economy through expansion, peak, contraction, and trough over time; an assessment of economic activity through time.

  • Expansion

    The business cycle period that coincides with growth in an economy.

  • GDP

    Gross Domestic Product; the sum of all final goods and services sold within a nation’s domestic borders; a measurement of economic activity.

  • GDP Growth

    The measure of change in GDP over time.

  • NBER

    National Bureau of Economic Research; the economic research organization that is the barometer of business cycle activity. The NBER establishes the end and start of the recessionary period.

  • Peak

    The business cycle period that coincides with the maximum obtainable GDP growth rate for a given point in time.

  • Recession

    A decrease in economic activity as reflected in GDP and occurring during the contraction period of a business cycle.

  • Trough

    The business cycle period that coincides with the lowest GDP growth rate for a given point in time.