Chapter 7 introduction to economic growth and fluctuations. In this chapter you will learn: The definition and causes of economic growth, the nature and cause of the business cycle, the nature of unemployment and its measurement, the definition of inflation and how it is measured, the redistribution effects of inflation the output effects of inflation. | Introduction to Economic Growth & Fluctuations Chapter 7 SLIDES PREPARED BY JUDITH SKUCE, GEORGIAN COLLEGE In this chapter you will learn The definition and causes of economic growth The nature and cause of the business cycle The nature of unemployment and its measurement The definition of inflation and how it is measured The redistribution effects of inflation The output effects of inflation Chapter 7 Topics Economic Growth The Business Cycle Unemployment Inflation Redistribution Effects of Inflation Effects of Inflation on Output Economic Growth an increase in real GDP over some time period, OR an increase in real GDP per capita over some time period Economic Growth Growth as a Goal Arithmetic of Growth Main Sources of Growth Growth in Canada improved products & services added leisure other impacts Relative Growth Rates Chapter 7 Topics Economic Growth The Business Cycle Unemployment Inflation Redistribution Effects of Inflation Effects of Inflation on Output Phases of the business | Introduction to Economic Growth & Fluctuations Chapter 7 SLIDES PREPARED BY JUDITH SKUCE, GEORGIAN COLLEGE In this chapter you will learn The definition and causes of economic growth The nature and cause of the business cycle The nature of unemployment and its measurement The definition of inflation and how it is measured The redistribution effects of inflation The output effects of inflation Chapter 7 Topics Economic Growth The Business Cycle Unemployment Inflation Redistribution Effects of Inflation Effects of Inflation on Output Economic Growth an increase in real GDP over some time period, OR an increase in real GDP per capita over some time period Economic Growth Growth as a Goal Arithmetic of Growth Main Sources of Growth Growth in Canada improved products & services added leisure other impacts Relative Growth Rates Chapter 7 Topics Economic Growth The Business Cycle Unemployment Inflation Redistribution Effects of Inflation Effects of Inflation on Output Phases of the business cycle Level of real output Time The Business Cycle Figure 7-1 PEAK Time Phases of the business cycle Level of real output The Business Cycle Figure 7-1 RECESSION Time Phases of the business cycle Level of real output The Business Cycle Figure 7-1 Canadian Recessions: Post 1945 % Decline in Annual Real GDP TROUGH Time Phases of the business cycle Level of real output The Business Cycle Figure 7-1 RECOVERY Time Phases of the business cycle Level of real output The Business Cycle Figure 7-1 GROWTH TREND Time Phases of the business cycle The Business Cycle Figure 7-1 Level of real output provincial variations The Business Cycle Causation: A First Glance innovation changes in productivity money supply changes total spending changes Cyclical Impact: Durables & Nondurables Chapter 7 Topics Economic Growth The Business Cycle Unemployment Inflation Redistribution Effects of Inflation Effects of Inflation on Output labour force 16 million total population million unemployed - million .
