economics mr. odren. the economy moves from periods of growth to periods of contraction. this is...

The Macroeconomy: Business Cycle and GDP Economics Mr. Odren

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Page 1: Economics Mr. Odren. The Economy moves from periods of growth to periods of contraction. This is known as the Business Cycle The Business Cycle

The Macroeconomy: Business Cycle and

GDPEconomicsMr. Odren

The Economy moves from periods of growth to periods of contraction.

This is known as the Business Cycle

The Business Cycle is just like a rollercoaster◦Highs, lows, ups, downs, etc…

The Business Cycle

1. Expansion – period of economic growth- People have jobs, consumers are spending

money2. Peak – the height of an economy’s growth.

Growth has stopped.3. Contraction – also known as a Recession

- Following a Peak, a period of economic decline

- People are losing jobs, consumers stop spending money

4. Trough – the lowest point of an economic contraction

4 Parts to the Business Cycle

Page 4: Economics Mr. Odren. The Economy moves from periods of growth to periods of contraction. This is known as the Business Cycle The Business Cycle

Depression - When a recession lasts longer than 18 months. ◦Unemployment rate greater than 12%

Related Terms

Page 5: Economics Mr. Odren. The Economy moves from periods of growth to periods of contraction. This is known as the Business Cycle The Business Cycle

Page 6: Economics Mr. Odren. The Economy moves from periods of growth to periods of contraction. This is known as the Business Cycle The Business Cycle

The total value of ALL goods and services produced within a country’s borders in one year….

In 2011, the GDP of the U.S.A. was….

15,000,000,900,00015.09 Trillion

Gross Domestic Product

Page 7: Economics Mr. Odren. The Economy moves from periods of growth to periods of contraction. This is known as the Business Cycle The Business Cycle

GDP indicates the strength of a country’s economy and standard of living….

Higher GDP means citizens of that country are “doing” well….have jobs, money, in good health, etc….

GDP-What does it indicate?

Page 8: Economics Mr. Odren. The Economy moves from periods of growth to periods of contraction. This is known as the Business Cycle The Business Cycle

1. Non-Market Activities- goods/services that people make/do for themselves- ex. Mowing your lawn

2. Black Market- buying/selling of goods/services illegally – not paying taxes to the government for the purchase of the good/service

- ex. – bootleg movies

What’s not counted in GDP

Page 9: Economics Mr. Odren. The Economy moves from periods of growth to periods of contraction. This is known as the Business Cycle The Business Cycle

1. Mr. Odren paying a student to mow the lawn at his house2. Mr. Odren paying a lawn-care business to mow the lawn

at his house3. Mr. Odren cooking a spaghetti dinner for his girlfriend.4. Mr. Odren taking his girlfriend out to Hotel DuPont for a

fancy dinner5. Mr. Odren paying a student to baby-sit his five kids while

he takes his girlfriends to the movies6. Buying books from Amazon.7. Buying bootleg movies from “Charlie” ‘round the way.8. Selling home-grown vegetables to your neighbor

9. Buying organically grown vegetables from the grocery store10. Buying clothes from Polo Outlet.

Is it counted in GDP?

Page 10: Economics Mr. Odren. The Economy moves from periods of growth to periods of contraction. This is known as the Business Cycle The Business Cycle

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