growth and the business cycle (or trade cycle). growth and the business cycle actual and potential...
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Growth and the Growth and the Business Cycle Business Cycle (or Trade Cycle)(or Trade Cycle)
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Growth and the business cycleGrowth and the business cycle
Actual and potential economic growth
Actual and potential economic growth
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x
y
O
Making fuller use of resourcesMaking fuller use of resourcesMaking fuller use of resourcesMaking fuller use of resourcesF
oo
d
Clothing
Production insidethe production
possibility curve
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Growth in potential outputGrowth in potential outputGrowth in potential outputGrowth in potential outputF
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d
Clothing
Now
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O
Fo
od
Clothing
Now
Growth in potential outputGrowth in potential outputGrowth in potential outputGrowth in potential output
5 years’ time
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O
Fo
od
Clothing
Growth in potential and actual outputGrowth in potential and actual outputGrowth in potential and actual outputGrowth in potential and actual output
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O
Fo
od
Clothing
Growth in potential and actual outputGrowth in potential and actual outputGrowth in potential and actual outputGrowth in potential and actual output
x
y
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Growth and the business cycleGrowth and the business cycle
The business cycleThe business cycle
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O
Nat
iona
l out
put
Time
Potential output
1
2
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1
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34Actualoutput
The business cycle
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O
Nat
iona
l out
put
Time
Potential output
Actualoutput
Trendoutput
The business cycle
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Growth and the business cycleGrowth and the business cycle
The business cyclein practice
The business cyclein practice
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1970 1975 1980 1985 1990 1995 2000
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UK
Growth rates in selected industrial countries
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Germany
Growth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countries
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1970 1975 1980 1985 1990 1995 2000
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Germany
Growth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countries
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Growth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countries
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1970 1975 1980 1985 1990 1995 2000
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France USA
GermanyJapan
Growth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countries
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1970 1975 1980 1985 1990 1995 2000
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th r
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(%)
UK
France USA
GermanyJapan
Growth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countriesGrowth rates in selected industrial countries