The total value of goods and services produced in a year.

Cycles of economics expansion and contraction.

Highest point between an expansion and a contraction.

Lowest point between an  expansion and a contraction.

Phase of a business cycle when the economy moves from a trough to a peak.

Occurs after a business cycle peaks, but before it troughs.

Actions of a central bank that determine rate of growth of the money supply

Regulators attempt to control inflation, interest rates, and unemployment.

Tax rate increases as the taxable base amount increases.

Tax rate decreases as the taxable base amount decreases.

Charging the same amount of money for every taxpayer.

A status of financial health in which expenditures exceed revenue.

The total amount of money that a country's government has borrowed.

The part of economics concerned with large-scale factors.