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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
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This lesson covers the business cycles.

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Tutorial
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.