1. What are the 4 phases to a business cycle? Draw a
pictorial representation of a business cycle.
2. What are the contributing factors to each phase
regarding GDP?
3. What is stagflation?
Why is it a problem when an economy experiences it?
4. What are the 4 main economic variables that affect
business cycles?
5. How can interest rates push a business cycle into a
contraction?
6. How did the Great Depression affect economists’
beliefs about the macroeconomy?
7. At what point of the business cycle would you want to
be? In 1-2 sentences explain your
reasoning.
Unemployment Notes: http://prezi.com/3zgtoinox-mf/copy-of-eco-chapter-13-section-1/
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