Ch 4 · Business Cycles & National Income

📘 Core concepts

1. 1Business cycle phases: expansion, peak, contraction (recession), trough, recovery.
2. 2GDP: market value of final goods & services produced within domestic territory.
3. 3GNP = GDP + Net Factor Income from Abroad.
4. 4NNP = GNP − Depreciation.
5. 5Three methods: production (value added), income, expenditure.