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Figure 17.2 (Macro 4) Visualizing Economic Growth

Figure 17.2 (Macro 4) Visualizing Economic Growth

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Economic fluctuations

• 1d. Economic fluctuations define the parts of a

business cycle (see Figures 17.2 and 17.2).

• Note the irregular duration and variable depth and

peak of cycles. This may be related to particular

administrations or events. It is important to point out

that economic fluctuations differ from cycles in

physical sciences.

• The aftermath of a recession, a recovery, is gradual,

and the effect of an improvement in the economy is

usually delayed.

• A comparison between the 1990-1991 recession and

the Great Depression of the 1930s is made in Figure

17.4.

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Economic Fluctuations:

Recession / Expansion



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Figure 17.3 (Macro 4)

The Phases of Business Cycles



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Figure 17.4

(Macro 4)

Growth and

Fluctuations

Throughout

the Twentieth

Century



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Figure 17.2 (Macro 4) Visualizing Economic Growth

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