Ch 4 · Business Cycles & National Income

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

🗺️ Chart summary

Business Cycle
   GDP
    ^   Peak       Peak
    |   /\        /\
    |  /  \      /  \
    | /    \    /
    |/      \  /
    +--Trough----- Time
    Expansion -> Peak -> Contraction -> Trough -> Recovery