Reference no: EM133125191

Identification:

1. This refers to irregular fluctuations in the general level of economic activity around its long-run growth path.

2. This refers to the lower turning point of a business cycle, where a contraction turns into an expansion.

3. This refers to a slowdown in the pace of economic activity

4. Under this phase of business cycles, companies finds it difficult to hire all the employees they need and are forced to pay highest wages.

5. This phase of business cycles is characterized by the over heading of the economy that is evident in shortages of employees, materials, equipment, loanable funds and products.

6. This is a recession that last longer and has a larger decline in business activity.

7. It refers to the increase in the average price level in the economy.

8. This measures the average price of goods consumed by urban wage earner.

9. This refers to a fall in the general level of prices.

10. This refers to anything that serves as a commonly accepted medium of exchange or means of payment.

11. This serves as a measure action taken by the Central Bank to influence the supply of money in the economy.

12. This refers to the quantity of money available.

13. This is a type of monetary policy setting that intends to decrease the level of liquidity/money supply in the economy.

14. A type of monetary policy setting that intends to increase the level of liquidity/money supply in the economy.

15. This refers to a downturn in the economic activity and is associated with falling levels of GDP, consumption and investment expenditure.