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09
Business Cycles, Unemployment, and Inflation
McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved.
The Business Cycle
• Alternating increases and decreases in economic activity over time
• Phases of the business cycle •Peak
•Recession •Trough •Expansion
LO1 9-2
The Business Cycle
Peak
Peak
Peak
Trough
Trough
Time
LO1 9-3
Causation: A First Glance
• Business cycle fluctuations •Economic shocks
•Prices are “sticky” downwards
•Economic response decreases in output employment
entails and
LO1 9-4
Unemployment
Under 16 Unemployment rate = and/or
Institutionalized (71.4 million)
Not in
# of unemployed X 100
labor force
Total population (307.3 million)
labor force
(81.7 million)
Employed (139.9 million)
Labor force (154.2 million)
Unemployment rate =
14,265,000 X 100 = 9.3%
154,142,000
Unemployed (14.3 million)
LO2 9-5
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