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The Business Cycle and Circular Flow

Economics Year 10

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3 the amount of money received during a given period of time by a person, household or country in return for services provided or goods sold.
5 refers to a phase of the business cycle in which the economy as a whole is in decline.
6 means introduction of income into the flow. For e.g. investment, government spending and exports.
7 a cycle or series of cycles of economic expansion and contraction is known as
11 a severe and prolonged downturn in economic activity, such as that which began in 1929
1 a period of declining economic performance across an entire economy that lasts for several months.
2 the resource provided when people do work - physical and mental
4 an increase in the production of goods and services in an economy
8 the phase of the business cycle where real GDP grows for two or more consecutive quarters, moving from a trough to a peak.
9 this occurs when there is a withdrawal of money from the economy that results in a reduction of the national income.
10 an object or product that satisfy human needs and wants
12 the actions done for you by others, which are designed to satisfy needs and wants
 
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