Question: Match each term to the correct definition. Question 6 options: 2 Inflation Real values Recession Business cycle Nominal values 1. The way economic activity changes
Match each term to the correct definition. Question 6 options: 2 Inflation Real values Recession Business cycle Nominal values 1. The way economic activity changes in the economy, where we see trends upwards and downwards. 2. A rise in prices, on average, of all the things we buy in an economy. 3. A downturn in economic activity that lasts two or more consecutive quarters of a year. 4. The "money value" of economic variables reflected in current dollars. 5. The value of economic variables after having made modifications for changes in inflation
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