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So, class today, we will be talking about business cycle. Do you know anything about it?
Expansion and recovery is the period of economic growth as measured by a rise in real GDP.
I know that a trough is the lowest point in an economic decline, where real GDP is falling.
Contraction is declined mark by a fall in real GDP, high unemployment, and deflation.
That is correct. Also, contrasting and recession is when the real GDP declines, the rate of unemployment rises.
The peak is when the real GDP stops rising.
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