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/
The movement of an economy through expansion, peak, contraction, and trough over time; an assessment of economic activity through time.
The business cycle period that coincides with growth in an economy.
Gross Domestic Product; the sum of all final goods and services sold within a nation’s domestic borders; a measurement of economic activity.
The measure of change in GDP over time.
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.
The business cycle period that coincides with the maximum obtainable GDP growth rate for a given point in time.
A decrease in economic activity as reflected in GDP and occurring during the contraction period of a business cycle.
The business cycle period that coincides with the lowest GDP growth rate for a given point in time.