Unit 23 The business cycle – Vocabulary 1, page 114

downturn – a decline in economic activity, upturn – an increase in economic activity, expectations – beliefs about what will happen in the future, consumption – purchasing and using goods and services, balance of payments – the difference between the funds a country receives and those it pays for all international transactions, Gross Domestic Product (GDP) – PKB – the total market value of all the goods and services produced in a country during a given period, demand (popyt) – the willingness and ability of consumers to purchase goods and services, supply (podaż) – the willingness and ability of businesses to offer goods and services, to save – to put money aside to spend in the future,

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