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26 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 26-2 The Business Cycle Peak Peak Peak Trough Trough Time LO1 26-3 Causation: A First Glance • Business cycle fluctuations •Economic shocks •Prices are “sticky” downwards •Economic response decreases in output employment entails and LO1 26-4 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 26-5 ... - tailieumienphi.vn
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