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- Today Class we'll be reviewing over what the business cycle is Now does anyone remember what the unemployment rate and GPD have to do with this?
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- Correct! Now please collevrate with each other and explain what expansion contraction and what the peak and trough is for a partipatcin grade!
- I do! usually the GPD and unemployment rate go up and down depending on what's happening in the cycle
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- But don't forget students for each of these either the GDP or Unemploment rate goes up or down or may stay the same through the cycle class dismissed!
- (everyone talking) expansion is a period of economic growth and rising ouput! Ok so does anyone know what a peak is? oh I do its the highest point of the business and the contraction and trough are when a period of economic decline happens and for trough it means the lowest point or bottom of the cycle.!
- Notes:Expansion-A period when the economy is rising and GDP is growing the unemployment rate is lowingContraction-A period when the economy is declining so the unemployment rate goes down and the GDP goes downPeak-Marks the end of expansion is the highest point in the business when GDP goes all the way up and the unemployment goes downtrough- markd the end of contraction The lowest point in the business cycle unemployment goes up and GDP keeps going down