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11.8.10 - 11.8.2010 Business Cycles Unemployment and...

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11.8.2010 Business Cycles, Unemployment, and Inflation The Business Cycle Business cycles – alternating rises and declines in the level of economic activity Phases of the Business Cycles Peak – business activity has reached a temporary maximum Recession – period of decline in total output Trough – output and unemployment reach lowest levels Expansion – period in which real GDP, income, and employment rise Causation: A First Glance Shocks and price stickiness Supply and productivity shocks Monetary shocks Financial bursts and bubbles Unexpected political events Cyclical Impact: Durables and Nondurables Unemployment Measurement of Unemployment Labor force – consists of people who are able and willing to work Unemployment rate – percentage of the labor force unemployed Unemployment rate = (unemployed / labor force) X 100 Part-time employment – count as employed even if not making as much as they want
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