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Topic: Business
Number of pages / Number of words: 2 / 467
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- Expansion - a period of growth in real GNP.

- Peak ? the highest point in a business cycle.

- Contraction ? period of decline in real GNP.

- Trough- lowest level the economy reaches during a business cycle.

- Recession ? during the contraction phase of the cycle real GNP declines for two consecutive quarters, or six months...


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- Expansion - a period of growth in real GNP.

- Peak ? the highest point in a business cycle.

- Contraction ? period of decline in real GNP.

- Trough- lowest level the economy reaches during a business cycle.

- Recession ? during the contraction phase of the cycle real GNP declines for two consecutive quarters, or six months...


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