AS.180.101 Chapter Notes - Chapter 10: Nobel Peace Prize, Potential Output, Financial System
Document Summary
Economic growth, the financial system, and business cycles. Exploring long-run growth that has steadily raised living standards in the us and the short-run fluctuations of the business cycle. Economic growth and the business cycle at whirlpool. Whirlpool started as first electric washing machine world"s leading manufacturer of home appliances. Whirlpool has mirrored 2 key macro facts: in long run, us economy has experienced economic growth, in the short run, the economy has experienced a series of business cycles. Improvements in household technology have improved the standard of living allow women to enter the workforce and both men and women enjoy more leisure time. Recession: housing market collapsed, and so too did the demand for durable goods (household appliances, whirlpool), but now they are recovering. Successful economy capable of increasing production of goods/services faster than the growth in population only way standard of living of person can increase in a country.
