Examlex
Assume that you are part of a student group that must write a paper for a class. The first part of the project is to state a conclusion about a situation. Several group members have done that,and they have stated their conclusion strongly. You believe just as strongly that the conclusion is in error. However,since most of the other group members have stated their conclusion strongly,you don't want to risk "tearing the group apart." Also,you are now starting to question if you might be "wrong." (In reality,the conclusion stated by the group is in error.) This situation demonstrates
Business Cycle
The natural rise and fall of economic growth over time, consisting of periods of expansion, peak, contraction, and trough.
Successive Peaks
Repeated achieving of higher levels or values in a given sequence, often used in the context of economic growth, stock market performance, or other measurements of success.
Contraction
A phase of the business cycle where there is a decline in national output and economic activity.
Standard Of Living
The degree of wealth and material comfort available to a person or community, measured through income, employment, class disparity, poverty rate, and housing affordability.
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