1. The periodic and cyclical ups and downs of the economy
Business Cycle
The periodic and cyclical ups and downs of the economy

2. The periodic and cyclical ups and downs of the economy
Business Cycle
The periodic and cyclical ups and downs of the economy

3. Expansion Period
-phase where the economy is growing
-amount of goods produced?
-number of jobs produced?
-number of business starts

4. Peak Period
-phase where the economy has reached its peak of growth
-amount of goods produced?
-number of jobs produced?
-number of business starts

5. Contraction Period
-phase where the economy is starting to decline from its peak activity
-amount of goods produced?
-number of jobs produced?
-number of business starts

6. Trough Period
-phase where the economy has reached its lowest point
-amount of goods produced?
-number of jobs produced?
-number of business starts
-recession is an extended trough period

7. Standard of Living
-Standard of Living
-a measure of how well a person lives as wee as the amount of free time they have
-Gross Domestic Product
-the value of all goods and services produced in a nation in a given year
-Why do we compare GDP with previous years?

8. Inflation Concerns
-Inflation
-a general increase in the cost of goods and services
-Why is inflation a bad thing for the economy?
-Consumer Price Index-- Survey of many goods and services that are compared to the same goods and services over time to measure the increase or decrease in prices
-Controlling Inflation