Introduction to Business & Marketing

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Presentation transcript:

Introduction to Business & Marketing The Business Cycle Introduction to Business & Marketing Distribute: note guide!!

The Business Cycle Economies naturally go through ups & downs. The business cycle is the rise and fall of economic activity over time. In the United States… Economic “slumps” in 1930s, 50s, 70s, 2000s Fall in economic activity & rise in unemployment Slumps followed by new waves of increased productivity and increased GDP

Stages of the Cycle Prosperity Recession Depression Recovery

Prosperity Also known as the “peak” Higher wages, more jobs available, higher demand for goods/services Unemployment is low, GDP is high People are spending!

Recession Economic activity slows down – less production of goods, downturns in industry GDP decreasing, unemployment increasing People start to save!

Depression Deep recession that lasts for years and affects the entire economy Unemployment is high, GDP is low Government starts trying to “stimulate” the economy People are saving!

Recovery Also known as “expansion” Rise in business activity after a recession or depression Innovation occurs – business start bringing out new products & services Unemployment decreasing, GDP increasing People start to spend!

“Entrepreneurship in the Midst of Recession” Recession Article “Entrepreneurship in the Midst of Recession” Read the article and complete the entrepreneur chart, then answer the discussion questions in full sentences.

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