Economics – The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
Business cycles – The periodic rises and falls that occur in economies over time.
Economic boom – Business is booming.
Recession – Two or more consecutive quarters of decline in the gross domestic product.
Depression – A severe recession, usually accompanied by deflation.
Recovery – When the economy stabilizes and starts to grow again. This eventually leads to an economic boom, starting the cycle over again.