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

Business cycles--Expansionary/Recessionary (NBER)

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Author: Dan Laub
Description:

This lesson covers the business cycles.

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Tutorial

Notes for "Business Cycles-Expansionary/Recessionary

Key Terms

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.

 

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.

 

Recession

A decrease in economic activity as reflected in GDP and occurring

during the contraction period of a business cycle.

 

Peak

The business cycle period that coincides with the maximum obtainable

GDP growth rate for a given point in time.

 

Trough

The business cycle period that coincides with the lowest GDP growth

rate for a given point in 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.