Peak: temp. max output and full emp.
Recession: dec. in output, income, emp, and trade
Trough: bottom of recession
Recovery: output and emp. expand towards full emp.
Causes of Business Cycle
-irregular innovation triggering Ig or C
-level of aggregate spending (rGDP, or AD)
-wars or expansion of money supple
Non- cyclical Fluctuations
-seasonal variations (tourism, farmers, etc)
-housing, secular trends
-durable goods and construction experience largest impact by cyclical fluctuations because these purchased can be postponed
have skills but trying to find a new job
change in skills demand leaves you lacking those skills
because of a recession
NOT included: under age 16, institutionalized
ARE included: over 16, willing and able to work
-percentage of labor force not employed
- (Unemployed / labor force) x 100
-employed = part time workers
-not employed= discouraged workers (not seeking work)
Please allow access to your computer’s microphone to use Voice Recording.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Your microphone is muted
For help fixing this issue, see this FAQ.