2-27-19 - Importance of Economic Growth ● Fewer Donestic...

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Importance of Economic Growth Fewer Donestic Problems Economic growth provides people with more employment opportunity (or better employment opportunity), diminishing problems associated with poverty… The Business Cycle Business cycles are systematic “ups and downs” or real GDP: When the cycle is in a downturn for two quarters (6 months) the cycle is in recession. The point where real GDP stops going up ( peak ) is where the recession begins. The recession ends when real GDP ships going down ( trough ). After the trough, the economy enters expansion , or the recovery period after a recession. If economies follow a steady path of growth (or contraction), they stay on what is called a trend within the business cycle. If an economy experiences recession for 2 consecutive years, and also has large problems with unemployment, shortages, availability of credit, and currency value fluctuations, it enters a depression .
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