chapter 12.2 business cycles
DESCRIPTION
Four Phases of the Business Cycle Expansion /Recovery Peak - Contraction /Recession Trough - What is the long term trend in GDP?. BUSINESS CYCLE GRAPH. Chapter 12.2 Business Cycles. REAL GDP. LONG TERM TREND. TIME. Four Phases of the Business Cycle Expansion /Recovery Peak - PowerPoint PPT PresentationTRANSCRIPT
Chapter 12.2 Business Cycles
Four Phases of the Business Cycle
Expansion/Recovery
Peak -
Contraction/Recession
Trough -
What is the long term trend in GDP?
BUSINESS CYCLE GRAPH
REAL
GDP
TIME
LONG TERM TREND
Chapter 12.2 Business Cycles
Four Phases of the Business Cycle
Expansion
/Recovery
Peak
Contraction
/Recession
Trough -
What is the long term trend in GDP?
BUSINESS CYCLE GRAPH
REAL
GDP
TIME
LONG TERM TREND
-a period of increased output and employment. Full employment may be reached and price levels may be increasing.
Exp
ansi
on
Exp
ansi
on
Exp
ansi
on
Chapter 12.2 Business Cycles
Four Phases of the Business Cycle
Expansion /Recovery
Peak
Contraction /Recession
Trough
What is the long term trend in GDP?
BUSINESS CYCLE GRAPH
REAL
GDP
TIME
LONG TERM TREND
- a period of increased output and employment. Full employment may be reached and price levels may be increasing.
Exp
ansi
on
Exp
ansi
on
Exp
ansi
on
- a temporary maximum level of output, usually characterized by high inflation and low unemployment
Peak
Peak
Chapter 12.2 Business Cycles
Four Phases of the Business Cycle
Expansion/Recovery
Peak
Contraction/Recession
Trough
What is the long term trend in GDP?
BUSINESS CYCLE GRAPH
REAL
GDP
TIME
LONG TERM TREND
-a period of increased output and employment. Full employment may be reached and price levels may be increasing.
Exp
ansi
on
Exp
ansi
on
Exp
ansi
on
- a temporary maximum level of output, usually characterized by high inflation and low unemployment
Peak
Peak
- a period of decline in total output, income, employment, and trade lasting 6 months or longer.
Contraction
Contraction
Chapter 12.2 Business Cycles
Four Phases of the Business Cycle
Expansion /Recovery
Peak
Contraction/Recession
Trough
What is the long term trend in GDP?
BUSINESS CYCLE GRAPH
REAL
GDP
TIME
LONG TERM TREND
- A period of increased output and employment. Full employment may be reached and price levels may be increasing.
Exp
ansi
on
Exp
ansi
on
Exp
ansi
on
- A temporary maximum level of output, usually characterized by high inflation and low unemployment.
Peak
Peak
- A period of decline in total output, income, employment, and trade lasting 6 months or longer.
Contraction
Contraction
- The lowest level of output and employment within a cycle. Inflation is typically very low.
Trough
Trough