CAS EC 102 Lecture Notes - Lecture 6: The Communist Manifesto, Kennedy Family, Capital: Critique Of Political Economy

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CAS EC 102 Full Course Notes
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CAS EC 102 Full Course Notes
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Pm lecture #6: recession, depression, expansion and booms: the. The economy constantly oscillates (goes up and down) These oscillations are called business cycles and are natural fluctuations in the overall economy. While individuals cannot do anything about them, it is important to understand the business cycle since it directly affects most people and almost all businesses. Difficulty of getting a job is based on both individual skills and general economic conditions. Difficulty of getting a loan is based both on individual credit situation and general economic conditions. Over the long run, all capital countries have grown. Since 1929, us real economy grew about 13 fold, in the last 19 years, us have 30% more output. Over the short run, growth fluctuates sharply from year-to-year. Recession: period of declining rea gdp, falling incomes, and rising unemployment. Depression: severe recession, incomes fall dramatically, huge numbers of people are unemployed and gdp plummets.

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