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The Business Cycle
Transcript of The Business Cycle
What actions might be taken by businesses and government in each phase of the business cycle?
most people who want to work are working, good production and wages
demand decreases, business lowers production, increase in unemployment
high unemployment, weak consumer sales, and business failure
economy regains and exceeds peak employment
occur when there's a widespread drop in spending
firms may reduce employment levels and save money instead of investing
governments usually respond by increasing money supply and decreasing taxation
during the Great Depression, the government increased relief spending, laid of employees, and made cuts to health care, education, and other social programs
During prosperity businesses work on new ways to improve the goods
Production costs increase in interest rates
caused by abnormally high levels of growth in GDP, employment, corporate profits, and other indicators