How Do Business Cycles Affect Small Businesses?

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Presentation transcript:

How Do Business Cycles Affect Small Businesses? Unit 1 Topic 1.5.4

Lesson Objectives Must learn: understand what is the business cycle and what it consists of Should learn: that economic activity tends to rise and fall and the reasons for this Could learn: the effects on businesses when there are changes in economic activity

What is Economic Activity? Starter Write what you think:- What is Economic Activity?

Starter – Key Terms

The Business Cycle

Key Term

What Happens at each stage?

The Business cycle Output of UK firms Average Growth Boom Actual Growth Boom Recession Time

Effects of Economical Activity

The Effect of the Cycle On Firms

Task - Business and the state of the economy? Boom Recession Definition When there is a lot of spending in the economy When spending in the economy falls What happens to…… unemployment? consumer spending? inflation (prices) ? share prices ? living standards? how people feel? Businesses which do well

What happens to …… unemployment? Task - Business and the state of the economy? Boom Recession Definition When there is a lot of spending in the economy When spending in the economy falls What happens to …… unemployment? …..consumer spending? ……inflation (prices) ? …..share prices ? …..living standards? …..how people feel? Businesses which do well Most. Businesses selling luxuries do well Businesses selling necessities do well

Mini Plenary

Plenary

Plenary

Homework Draw the Business Cycle and explain each stage of it in detail with examples. (5 Marks)