GDP-Gross domestic product is the market value of all officially recognized final goods and services produced within a country in a given period of time.
The business cycle- refers to economy wide fluctuations in productions and economic activity over months or years
Economic Slump-An economic slump happens when the economy begins to decrease in growth without going into a full recession
Recession-Recession is a fall in national output. National output declines resulting in contraction in employment, incomes and profits.
Recovery- Recovery happens when the economy begins to grow again from the trough of the recession
How does the business cycle work?
The business cycle is the series of slump to recession to recovery to boom. it tends to repeat most of the tme but can sometimes do an unexpected drop or rise.
UK GDP
The current UK GDP is 0.9 percent. In 2008 it was -2.1 percent this was a bad thing for businesses in the UK because the were not gaining enough income. The current situation seems to be getting better than it was in 2008.
The total growth in 1997 was 4.2 percent. this could have affected the recession in 2008 as since people had more money the spent more while businesses gained less
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