Business Cycle alternate periods of economic expansion and economic recession, fluctuations in economic activity, such as employment and production Recession an economic slump; a depression; a decline Real GDP or Real Gross Domestic Product a Read more…
Scarcity the limited nature of society’s resources Economics the study of how society manages its scarce resources Efficiency the property of society getting the most it can from its scarce resources Equality the property of Read more…
business cycle Recurring increases and decreases (fluctuations) in the level of in economic activity over periods of years; consists of peak, recession, trough, and expansion phases. (such as employment and production) economics the study of Read more…