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Anonymous
timer Asked: Jul 6th, 2018
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our phases of the business cycle consist of:

  • A depression phase
  • A recessionary phase
  • Recovery phase
  • An expansionary phase

During a recessionary phase of the business cycle would be the most desirable time to purchase large ticket items due to lower levels of inflation and interest rates.

During an expansionary phase of the business cycle would be the least desirable time to purchase large ticket items due to higher levels of inflation and interest rates.

Our labor force is consisted of both employed and unemployed workers.

Labor Force Participation Rate (LFPR) = 7.png

The term “full employment” implies that all willing and able people who can work are actively engaged in the labor force. “Full employment” suggests that our country’s unemployment rate is between 3-6%. Our country will never achieve zero-percent unemployment since our economy will always experience a natural rate of unemployment.

Natural Rate of Unemployment = Frictional unemployment + Structural unemployment

Frictional unemployment are workers who are unemployed, but they have transferable job skills and they are in-between jobs.

Structural unemployment are workers who have mismatched job skills.

Discouraged workers are workers who have been out of work for four or more weeks. These individuals are not applying for open positions, are not registered at their local job service, and are not going on any interviews. They have become very discouraged and have left the labor force.

Unemployed workers are applying for open positions, are going on interviews, and are registered at their local job service. They are actively seeking employment.

8.png

Employed workers can range from workers who work from 1-hour to 40-hours plus per week.

9.png

Four causes of unemployment include:

  • Job losers
  • Job leavers
  • Re-entrants
  • New entrants

Four types of unemployment:

  • Seasonal unemployment
  • Frictional unemployment
  • Structural unemployment
  • Cyclical unemployment

Inflation is defined as an increase in overall prices across the board.

Credit by Assessment Module 4 Your task is to complete all assigned questions to the best of your ability. Best of luck! What are the four phases of the business cycle? Which phase of the business cycle would be the best time to purchase a large ticket item? How do you calculate the labor force participation rate? Who is accounted for in our country’s labor force? How is our country’s unemployment rate calculated? In one to two sentences, please define the term, “full employment?” In one to two sentences, what is a discouraged worker? What are the four types of unemployment? Which type of unemployment is the direct cause of our country (economy) contracting? In one to two sentences, please define, inflation?

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Tutor.Leal
School: UIUC

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Credit by Assessment Module 4
What are the four phases of the business cycle?





Expansionary phase characterized by high interest rates and high inflation
Recessionary phase with low inflation and low interest rates
Depression phase when the economy struggles to maintain stability
Recovery phase characterized by an economy regaining its stability and maximum
employment and output levels

Which phase of the business cycle would be the best time to purchase a large ticket item?
The recessionary p...

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