Examlex
Write the word or phrase that best completes each statement or answers the question.
Which method should be used to solve the system? Explain your answer, including a description of the first step.
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Endogenous
Originating from within a system, referring to factors or variables in economic models that are determined by the dynamics within the model itself, as opposed to external influences.
Business Cycle
The natural rise and fall of economic growth that occurs over time, including periods of expansion, peak, recession, and recovery.
External Shocks
Events outside the economic system that can cause sudden and significant changes within an economy, such as natural disasters or geopolitical events.
Last Recession
Describes the most recent period of significant decline in economic activity across the economy, lasting more than a few months.
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