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BUSINESS CYCLE PART 2
What is a business cycle in the context of macroeconomics?
A business cycle refers to the periodic fluctuations in economic activity, measured by GDP, employment, and industrial output, oscillating between expansion and contraction phases over time.
What is the 'recovery' phase in a business cycle?
Phase where GDP begins rising after reaching the trough.
Which phase of the business cycle is characterized by rising GDP, employment, and consumer spending?
The expansion or recovery phase is characterized by rising GDP, increased employment, and higher consumer and business spending.
What is meant by 'cyclical unemployment' in business cycle theory?
Unemployment caused by economic downturns in the business cycle.
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