Ch 4 · Business Cycles & National Income

5 concept points · 5 formulas · 4 exam-critical points.

📘 Core concepts

• 1Business cycle phases: expansion, peak, contraction (recession), trough, recovery.
• 2GDP: market value of final goods & services produced within domestic territory.
• 3GNP = GDP + Net Factor Income from Abroad.
• 4NNP = GNP − Depreciation.
• 5Three methods: production (value added), income, expenditure.