Concepts
- Economic Fluctuations
- Recovery/Expansion
- Peak
- Contraction/Recession
- Depression
- Trough
- Each Phase’s Impact on Unemployment, Inflation, and GDP
Overview
An economy is unpredictable. Economists do their best to gather data and create models to predict how the economy will perform, but at the end of the day anything can happen. The business cycle is a basic model that allows us to observe the unpredictable nature of economic activity. In this model, we observe how GDP fluctuates over time. Sometimes the economy grows, sometimes it contracts. Sometimes changes a drastic, while other times they are tame. In this lesson we will learn how to observe historical trends and interpret how each phase of the business cycle impacts GDP, Unemployment and Inflation.
Materials
Lecture
Video Coming at Later Date
Quiz
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