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Chapter 12.2 Business Cycles Four Phases of the Business Cycle Expansion /Recovery Peak - Contraction /Recession Trough - What is the long term trend in.

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Presentation on theme: "Chapter 12.2 Business Cycles Four Phases of the Business Cycle Expansion /Recovery Peak - Contraction /Recession Trough - What is the long term trend in."— Presentation transcript:

1 Chapter 12.2 Business Cycles Four Phases of the Business Cycle Expansion /Recovery Peak - Contraction /Recession Trough - What is the long term trend in GDP? BUSINESS CYCLE GRAPH REAL GDPREAL GDP TIME LONG TERM TREND

2 Chapter 12.2 Business Cycles Four Phases of the Business Cycle Expansion /Recovery Peak Contraction /Recession Trough - What is the long term trend in GDP? BUSINESS CYCLE GRAPH REAL GDPREAL GDP TIME LONG TERM TREND - a period of increased output and employment. Full employment may be reached and price levels may be increasing. Expansion

3 Chapter 12.2 Business Cycles Four Phases of the Business Cycle Expansion /Recovery Peak Contraction /Recession Trough What is the long term trend in GDP? BUSINESS CYCLE GRAPH REAL GDPREAL GDP TIME LONG TERM TREND - a period of increased output and employment. Full employment may be reached and price levels may be increasing. Expansion - a temporary maximum level of output, usually characterized by high inflation and low unemployment Peak

4 Chapter 12.2 Business Cycles Four Phases of the Business Cycle Expansion /Recovery Peak Contraction /Recession Trough What is the long term trend in GDP? BUSINESS CYCLE GRAPH REAL GDPREAL GDP TIME LONG TERM TREND -a period of increased output and employment. Full employment may be reached and price levels may be increasing. Expansion - a temporary maximum level of output, usually characterized by high inflation and low unemployment Peak - a period of decline in total output, income, employment, and trade lasting 6 months or longer. Contraction

5 Chapter 12.2 Business Cycles Four Phases of the Business Cycle Expansion /Recovery Peak Contraction /Recession Trough What is the long term trend in GDP? BUSINESS CYCLE GRAPH REAL GDPREAL GDP TIME LONG TERM TREND - A period of increased output and employment. Full employment may be reached and price levels may be increasing. Expansion - A temporary maximum level of output, usually characterized by high inflation and low unemployment. Peak - A period of decline in total output, income, employment, and trade lasting 6 months or longer. Contraction - The lowest level of output and employment within a cycle. Inflation is typically very low. Trough

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