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CIRCLES AND CYCLES OF ECONOMIC ACTIVITY
Market economic system works in a circle, with each person or part of
the system dependent on all other persons or parts. Every person's spending
becomes someone else's income.
Another characteristic of our economic system is the way it moves from
good times to bad times. This movement is called a business cycle. The four
stages of business cycle are prosperity, recession, depression and recovery.
– Prosperity is high point of a business cycle, also called a boom.
– Recession is a stage in a business cycle in which the economy is in the pe-
riod of decline.
– Depression is the lowest point in a business cycle at which business is the
worst.
– Recovery is the final stage in a business cycle during which business suc-
ceeds again.
Think over and say what happens during each stage of a business cycle to
each of the following factors:
Jobs – increase in number; decrease; stay the same.
Unemployment – high; low; the highest becomes higher (lower).
Prices for consumer goods – go up; go down; stay the same.
Consumers buying habits – buy less, buy more; no change.
Number of business firms in the market – increases; decreases; stays the
same.
Economic activity can be measured by gross national product, employ-
ment inflation and productivity.
Gross national product is the total dollar (rouble) value of all the goods
and services produced by an economic system in one year.
Inflation is rising of price caused by increased spending.
Productivity is the amount of output produced per unit of input.
The cost of natural resources, capital resources and human resources ef-
fect productivity. There are two basic ways to increase productivity. First
more goods and services can be produced with the same amount of resources.
Define the second way.
Vocabulary
to measure измерять
to increase увеличивать
to decrease уменьшать
circle круг
cycle цикл
value ценность, стоимость
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