The phase of the business cycle during which output is falling The phase of the business cycle during which output is increasing The total supply of goods and services produced by a nation’s businesses The total demand for a nation’s output, including household consumption, government spending, business investment, and net exports A model showing the increases and decreases in a nation’s real GDP over time this model typically demonstrates an increase in real GDP over the long run, combined with short-run fluctuations in output.
