ECO 203 Week 2 DQ 1 The Current State of the Economy and Unemployment

Question 1

ECO 203 Week 2 DQ 1 The Current State of the Economy and Unemployment

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Imagine a scenario where there is a decline in aggregate demand. Identify which part of the business cycle is part of a decline in aggregate demand. Gross Domestic Product (GDP) measures the amount of new production. A change in the amount of new production affects employment.

Describe what would happen to GDP, the unemployment rate and the inflation rate if there is a decline in aggregate demand.

Reference: Chapter 6, section 6.3: Aggregate Equilibrium and Changes in Equilibrium.

Guided Response: Review and respond to at least two of your classmates’ posts by discussing this question in terms of how a decrease in aggregate demand impacts GDP, and why the change in GDP affects unemployment

Answer 1

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