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Chapter 16
Business Cycles and Unemployment
• Key Concepts • Summary
• Practice Quiz
• Internet Exercises
©2000 SouthWestern College Publishing 1
In this chapter, you will economic puzzles:
WhCaat nisatnheecdoifnfoemreynce pbreotwdueceen ma orereceosusitopnut
co athnadnaitdsepporetessnitoianl??ed?
2
What is a Business Cycle?
Alternating periods of economic growth and contraction, which can be measured by changes in real GDP
3
What are the four phases of a Business Cycle?
•Peak •Recession •Trough •Recovery
4
What is a Peak?
The phase of the business cycle during which real GDP reaches its maximum after rising during a recovery
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