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GOVERNMENT: A political body exercising control and authority over a group of individuals. Governments allocate resources based on laws and the command of the government.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 4 of 26

Topic: Contractionary Bad Times <=PAGE BACK | PAGE NEXT=>

Contractionary bad times give us the most problems.
  • First: Real GDP declines during a contraction. This means less production for the four sectors to buy.
  • Second: Unemployment increases. Resources, especially labor, produce less and receive less income. 3-5 million workers newly employed.
  • Third: The incomes of employed resources also tend to fall, or at least not rise as much as an expansion.
  • Fourth: Business profits decline and bankruptcies increase.
  • Fifth: Social problems, including crime, poverty, and alcoholism, worsen.
But contractions have some good:
  • Inflation remains low or declines.
  • Some resources are more efficiently allocated.

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CHANGE IN DEMAND

A shift of the demand curve caused by a change in one of the demand determinants. A change in demand is caused by any factor affecting demand EXCEPT price. A related, but distinct, concept is a change in quantity demanded.

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Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for deranged pelicans.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾"

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