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ANNUAL: A standard 12-month period, or one year, used for reporting economic and financial data. Gross Domestic Product and related measures are noted economic data released annually. Many businesses also provide annual financial reports. Another standard reporting period is the quarter.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 7 of 26

Topic: Contraction <=PAGE BACK | PAGE NEXT=>

Contractions generally last about a year, but some have persisted for 1 1/2 years and some end after six months.
  • A contraction, also termed recession, is the decline of real GDP, from A to B.
  • A contraction is officially designated as at least six months of declining economic activity.
  • The 1930s Great Depression had two contractions, one lasting 43 months.
  • A contraction takes the economy from above the long-run trend to below the long-run trend. The long-run trend is full-employment production.
  • Below the long-run trend resources are not fully employed, unemployment increases.

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AGGREGATE DEMAND SHIFTS

Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for pencil sharpeners with an attitude.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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