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Reflection Eco 561

In: Business and Management

Submitted By cryslvsmayer
Words 653
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Business Cycle

Our team this week discussed the topics on this week’s learning objectives; this paper will talk about our discussion on the business cycle, phases of the business cycle, and market structure. We have determined how to apply and use these resources in our work life and takeaway the benefits of understanding how our economy works.
The business cycle is an ever changing weather forecast. The business cycle displays the changes in growth and decline in the economy (McConnell, C. R.). With the constant fluxing of the economy, the business cycle goes through a number of phases (McConnell, C. R.). These phases are contraction, trough, expansion, and peak. Each phase has its own agenda that can either make or break the outcome of the economy. The main focus is to have a healthy growth rate that will increase jobs for everyone in a fashionable time frame but slow enough to not have inflation it too hard. The four phases are the foundation of our economy. At one time or another, the economy is in one of these phases; first is contraction when the economy starts slowing down (McConnell, C. R.). Second is trough, when the economy is in a slump or better known as a recession. Third is the expansion, which is when the economy is on the rise. Last is the peak, when the economy is at its best. These stages or phases are determined by the National bureau of Economic Research or (NBER) (McConnell, C. R.). A GDP rate is what is used by the Business Cycle Dating Committee to indicate economic activity to gain knowledge of where the economy stands (McConnell, C. R.). In the contraction phase of the business cycle GDP growth rates recede to the lowest possible point before going negative (McConnell, C. R.). In the trough phase, the negative turnout could still be there but because the economy at this point has moved around variously, it is not...

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