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Economics 2.5.3 - Coggle Diagram
Economics 2.5.3
booms
highest inflation
lowest unemployment
national income is high
tax revenue is high
wages are rising
high consumer and business confidence to invest
recessions
wages are low
national income is low
deflation
high unemployment
tax revenue if low
low consumer and business confidence to invest
recovery
follows a recession
wages are slowly rising
national income is slowly rising
tax revenue is slowly rising
falling rate of deflation
falling unemployment
expansion
rising inflation
national income is rising
rising investments
rising availability of credit
business cycle
when real GDP fluctuates around long term trend growth path of output