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Economics by Terry Hillman

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CHAPTER18

The Business Cycle

In This Chapter

  • Long-run growth and the business cycle
  • How the business cycle creates expansions and recessions in the economy
  • Unemployment and inflation in the business cycle
  • The aggregate supply and demand mode

The rise of capitalism, characterized by private ownership of the means of production and the market economy, has generated long-term growth. Technology, improved productivity, entrepreneurialism, and the profit motive have been the drivers of economic progress over the past few centuries. Populations expanded as a result of technological improvements in agriculture and with inventions that enabled one ...

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