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Transcript of Chapter 3.2
design by Dóri Sirály for Prezi
Tracking Business Cycles
Achieving macroeconomic growth and stability is not easy. Through the way it spends money and influences other macroeconomic factors such as interest rates, the government helps to compensate for the the typical swings of the business cycle in our economy.
Microeconomics: the study of the economic behavior and decision making of small units, such as individuals, families, households, and businesses
Reaching a quota
Gross Domestic Product(GDP): the total value of all final goods and services produced in an economy.
Macroeconomics: the study of the behavior and decision making of entire economics.
Promoting Economic Strength
Because the market is vulnerable to
business cycles, the government creates
public policies that aim to stabilize the
economy with Employment, Growth, and Stability.
How does Gross Domestic Product(GDP) provide a meaning to analyze economic growth?
What does GDP tell economists about business cycles?
Give one example of a new technology that has resulted in greater productivity for the United States
The U.S government repeatedly tries to stabilize business cycles and encourages technological innovation.
Technological progress allows the United States economy to operate more efficiently and productively, increasing GDP and giving U.S. businesses a competitive advantage in the world.
Business Cycle is a period of macroeconomic expansions followed by a period of contraction, or decline.
What is the difference between Microeconomics and Macroeconomics?
Ex: GPS, Smartphones, Ipads, Computers, Smart cars, Medicinal advances
Economists follow the country's GDP and other key statistics to predict business cycles.
Cycles last less than a year or continue for many years.
Inventions are the engine of the Free enterprise system.