Business Cycle

The pattern of changes in economic growth that appear to be cyclic overtime.


A period in which there is a decline in the growth rate of the economy; also called a recession.


A recession that is extremely severe.


A term used synonomously with "recovery."


A temporary economywide decline in output.


The period following a contraction in  which the economy experiences increased growth, sometimes at a faster-than-normal rate.

Say's Law

"Supply creates its own demand" is the brief way of stating a law named after French economist Jean-Baptiste Say.

Yellow Dog Contract

An agreement between an employer and an employee in which the employee agrees, as a condition of employment, not to join a union during the course of his employment.  Made illegal in 1932, by the Norris-La Guardia Act.