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Economy Definitions
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- 1GDP or Gross Domestic ProductThe GDP is commonly used to track the health of the economy, which is calculated by totaling the value of all the goods and services used in the economy.
- 2CPI or Consumer Price IndexThis measures the weighted average of a consumer's "basket" of goods and services, including healthcare, groceries, etc. The CPI is the main information used to determine periods of deflation or inflation.
- 3Business CyclesThese are cycles of expansion and contraction in economic activity. There are four major phases of the business cycle that every business goes through: expansion, peak, contraction, trough.
- 4ExpansionThe first stage of the business cycle. Business is doing well and is expanding.
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- Initial definitions from the test out the review sheet.
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- Katie Chafer
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