The Business Cycle Part 2

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By Benjamin Crees

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  • Months Later... 
  • 
  • Yeah Dad
  • Honey, I'm home! Son we need to talk.
  • 
  • Yes
  • Son, remember when I told you I may change your allowance.
  • Well I an lowering your allowance as the economy is now in an economic contraction
  • 
  • Dang, whats going on? What may economic contraction have to do with you  lowering my allowance?
  • Come sit down and I will explain
  • Economic contraction is the downward slope of the business cycle, when output falls sometimes so does employment. With this in mind we as a family are limiting are spending and putting more money into savings in case one of us losses are job.
  • 
  • Economic contracts often become recessions. A general rule of thumb is that two consecutive quarters of economic contraction makes a recession.
  • 
  • The End
  • Economic contracts often become recessions. A general rule of thumb is that two consecutive quarters of economic contraction makes a recession. If this happens I can maybe think of raising your allowance back up.
  • 
  • Sounds good, thanks dad.
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