Economy Definitions

Question	Answer
GDP or Gross Domestic Product Image: Download (binary/octet-stream)	The 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.
CPI or Consumer Price Index Image: Download1 (binary/octet-stream)	This 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.
Business Cycles Image: Download2 (binary/octet-stream)	These 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.
Expansion Image: Download+3 (binary/octet-stream)	The first stage of the business cycle. Business is doing well and is expanding.

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	Created by Katie Chafer over 3 years ago