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CPA Business Notes - Chapter 2 http://www.scribd.com/doc/20861821/CPA-Business-Notes-Chapter-2
Chapter 2
Business cycle: rise and fall of economic activity relative to its long-term growth trend.
Macroeconomics: study of economy as a whole – National income, unemployment, inflation.
Microeconomics: studies consumers, producers, and suppliers operating in a narrowly defined market.
Gross Domestic Product (GDP): most common measure of economic activity or output of an economy
- Total market value of all final goods and services produced within the borders of a nation
Nominal GDP: measures the value of all final goods and services in current prices. No inflation
adjustment.
Real GDP: measures the value of all final goods and services in current prices. Adjusted for inflation by
using a price index.
Business cycles
Expansionary phase: rising economic activity (Real GDP) and growth.
Peak: high point of economic activity.
Contractionary phase: falling economic activity and growth and follows a peak.
Trough: low point of economic activity.
Recovery phase (expansionary phase): follows a trough and economic activity begins to increase
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