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economics

economics

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Published by naveen

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Published by: naveen on Feb 17, 2009
Copyright:Attribution Non-commercial

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08/19/2010

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Topic 9Topic 9
MacroeconomicsMacroeconomicsConcerns &Concerns &Macroeconomic PoliciesMacroeconomic Policies
 
Business CycleBusiness Cycle
GDP rises and falls over short spans of time
 At any point in time, it may be above or below its long run trend 
These fluctuations define thebusinessbusinesscyclecycle
Periodic movements in output, prices, and employment 
Business cycles are not created equal.
Duration
Severity
 
Phases of the Business Cycle
Time
   R  e  a   l   G   D   P
Peak 
: The highest level of economic activity in a particular cycle
Contraction
: Anoticeable drop in thelevel of business activity
Trough
: The lowestlevel of business activityin a particular cycle
Expansion
: Arising level of  business activity

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