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RECESSIONARY GAP, KEYNESIAN MODEL: The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 8 of 26

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

Contractions don't last forever. The end of a contraction is the trough, the turning point to an expansion.
  • Point B is the end of the contraction and the beginning of the expansion, the trough.
  • A trough is the turning point between a contraction and an expansion.
  • A trough is the lowest level reached by the economy before an expansion begins, the dark before the dawn.
  • Turning points are important because they are the transition from bad to good of good to bad.
  • A turning point might not be identified until well after it has happened.

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SUPPLY SCHEDULE

A table that illustrates the alternative quantities of a commodity supplied at different prices. A supply schedule is a simple means of summarizing information about supply price and quantity supplied for a particular good. It is used to highlight the law of supply. It can also be used to derive a supply curve.

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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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