ECN 204 Chapter 9: Chapter 9 ECN204

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Refers to alternating increases and decreases in the level of economic activity, sometimes over several years. The middle peak shown in figure 9-1, business activity has reached a temporary maximum. The economy is near or at full employment and the level of real output is at or very (cid:272)lose to the e(cid:272)o(cid:374)o(cid:373)(cid:455)"s (cid:272)apa(cid:272)it(cid:455) Price level is likely to rise during this phase. A period of decline in total output, income and employment. Lasts six months or more, is marked by the widespread contraction of business activity in many sectors of the economy. Of the recession or depression, output and employment bottom out at their lowest levels. May be either short-lived or quite long. Usually followed by a recovery and expansion. A period in which real gdp, income, and employment rise. Although business cycles all pass through the same phases, they vary greatly in duration and intensity.

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