Fig. 1 U.S. Real Gross Domestic Product, 1929-2002 Real GDP (Billions of 1998 dollars) 1000 2000 3000 4000 5000 6000 7000 8000 9000 1950196019401930197019902000.

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Presentation transcript:

Fig. 1 U.S. Real Gross Domestic Product, Real GDP (Billions of 1998 dollars)

Fig. 2 The U.S. Unemployment Rate Unemployment Rate (Percent)

Time Real GDP ExpansionRecessionExpansion Long-run upward trend of real GDP The business cycle fluctuation of actual output around its long-run trend. Fig. 3 The Business Cycle

Fig. 4 U.S. Annual Inflation Rate, Inflation Rate (Percent)