economics_for_manager, Role in market equilibrium.

May 20th, 2015
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GDP rises and falls over short spans of time At any point in time, it may be above or below its long run trend These fluctuations define the business cycle

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Topic 9MacroeconomicsConcerns &Macroeconomic PoliciesBusiness Cycle GDP risesand falls over short spans of time At any point in time, it may be above orbelow its long run trend These fluctuations define the businesscycle Periodic movements in output, prices, andemployment Business cycles are not created equal.DurationSeverityPhases of the Business CyclePeak: The highest level ofeconomic activity in aparticular cycleReal GDPExpansion: Arising level ofbusiness activityContraction: Anoticeable drop in thelevel of business activityTrough: The lowestlevel of business activityin a particular cycleTimeMacroeconomic ConcernsAggregate Price Level Aggregate Output Total Employment Rest of the WorldInflation and Prices Price level:levela measure of the behaviorof all prices in the economy Price level is a yardstick -- a tool forcomparison of prices over time. Inflation:Inflationlevelthe rate of change in the pricePercentage change in GDP deflator, 1959 - 199412.0Inflation Rate10.08.06.04.02.00.019591963196719711975Year1979198319871991Aggregate Output (GDP)Gross Domestic Product(GDP) is the dollar value of allfinal goods and servicesproduced.UnemploymentTheunemployment rate refers tothe percentage of people in thelabor force who cant find a job.LaborForce:peoplewhoareLaborForceLaborForce:peoplewhoareLabor

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