Economics

2. a low turning point or a local minimum of a business cycle
5. the condition in which virtually all who are able and willing to work are employed
6. prices should not go up (inflation) significantly, and an ongoing period of falling prices (deflation) should also be avoided
7. the growth rate to which an economy would converge to in the absence of any new shocks
9. an increase in the number of goods and services produced per head of the population over a period of time
12. reduction of the general level of prices in an economy.
14. a general increase in prices and fall in the purchasing value of money.
15. the economy experiences growth over two or more consecutive quarters
16. measure of the market value of all the final goods and services produced
17. founder of macroeconomics

1. a cycle or series of cycles of economic expansion and contraction
3. the state of being unemployed
4. a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters
8. the month in which a variety of economic indicators reach their highest level, followed by a significant decline in economic activity
10. a phase of the business cycle in which the economy as a whole is in decline
11. measure of the market value of all the final goods and services produced
13. a period of sustained, long-term downturn in economic activity in one or more economies