L11 Econ 1021 Chapter Notes - Chapter 10: Unemployment, Potential Output, Output Gap
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12 Apr 2016
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Business cycles: short-term fluctuations in gdp and other variables (such as. Recession: (contraction) a period in which the economy is growing at a rate significantly below normal. A period during which real gdp falls for at least 2 consecutive quarters (not very accurate way) Peak: the beginning of a recession; the high point of economic activity prior to a downturn. Trough: the end of a recession; the low point of economic activity prior to activity. Depression: a particularly sever of protracted recession. Expansion: a period in which the economy is growing at a rate significantly above normal. Boom: a particularly strong and protracted expansion. Business cycle dating committee uses coincident indicators (movements that tend to coincide with the overall movements in the economy) Industrial production, which measures the output of factories and mines. Total sales in manufacturing, wholesale trade, and retail trade. Nonfarm employment (the number of people at work outside of agriculture)
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