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GNP and Business Cycle (Business Cycle (Phases (Recession (Decline in…
GNP and Business Cycle
Economic Growth
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increase in the amount of goods and services produced per head of the population over a period of time
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Business Cycle
Business cycles are alternating rises and declines in the level of economic activity, sometime over several years
When business cycle go up, institutions get strong
Phases
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Trough
In the trough of the recession or depression, output and employment “bottom out” at their lowest levels
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Expansion
a period in which real GDP, income, and employment rise
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