Chapter 6 Lesson 2 The Business Cycle.

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Presentation transcript:

Chapter 6 Lesson 2 The Business Cycle

Questions What kind of “cycles” do you know about? Bicycles, Washing Machine Cycles, Life Cycle What do they all have in common? Something goes around

What You’ll Learn What the business cycle is. What occurs during expansions and contractions How economic indicators predict business cycles

Initiation How would you describe our economy today?

Phases of the Business Cycle Expansion and contractions of many industries at one time is a business cycle. Most cycles consist of 1 of 2 major phases: Expansionary Contractionary

Expansionary Phase Business may expand (build new factories, hire more employees, etc.) Unemployment = LOW Competitive wages to attract new workers Wages, prices, and interest rates generally rise Stock Market often booms

Contractionary Phase Consumers start to spend less Businesses scale back production Layoffs possible Unemployment rises Banks provide fewer loans

Recession and Depression Recession – phase of the business cycle in which growth falls for two three-month periods in a row Depression – Business cycle phase in which business activity remains far below normal for years

Business Cycles: US https://www.learner.org/series/econusa/interactivelabs/ economic-timeline/ What could we add for the last few years?

Economic Indicators How are business cycles predicted? Economic Indicators-data that shows how the economy is performing. Examples? Housing loans, bankruptcies, new orders of consumer goods and materials by manufacturers http://www.esa.doc.gov/about-economic- indicators

Activity Respond to this question in your notes: Why would a manager care about business cycles and economic indicators? http://www.youtube.com/watch?v=TXrOpjG4dU s

Discussion Question How would your life change if one or both of your parents/guardians lost their jobs and couldn’t find work? What would you do to help your family survive an economic depression?

Great Depression Video https://www.youtube.com/watch?v=v_P_9T3D Kn0

Section 6.2 Assessment Questions P.149 Fact and Idea Review #1-5 Critical Thinking #1 & 2

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