1. Standard 1 Understand the fundamental concepts relevant to the development of a market economy SS.912.E.1.12 Examine the four phases of the business cycle (peak, contraction - unemployment, trough, expansion - inflation)

4. Key Points: The business cycle varies and is unpredictable
The average annual growth rate is 3%

5. Characteristics During the contractionary (recessionary) phase,
Real GDP declines
Unemployment rises (employment falls)
Interest rates decline
Inflation is muted (deflation is possible)

6. Video: Geography of a Recession-LaToya Egwuekwe

7. Characteristics During the expansionary phase, Real GDP rises
Unemployment falls (employment rises)
Interest rates rise
Inflation is likely, but not necessary

8. Focus: Understanding Economics in US History Lesson 3 Why Do Economies Grow?

9. Video: Hans Rosling 200 Countries 200 Years

10. Focus: Understanding Economics in US History Lesson 26 Could the US Economy Have Grown Without the Railroads?

11. Interesting history of RR
Puffert - The Standardization of Track Gauge.pdf

12. Video: History Channel Railroads clip

13. Focus: Understanding Economics in Civics and Government Lesson 18 Economic Indicators for Informed Citizens