Economics1B at University Of Johannesburg | Flashcards & Summaries

Lernmaterialien für Economics1B an der University of Johannesburg

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What are the important indicators
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Coincident indicator 
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Recession-Stylised facts
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Firms cut jobs as consumer spending falls, many go bankrupt
Negative economic growth and lower inflation (even deflation)
Imports and debt levels fall
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Explain the leading indicator 
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It shows change in the economic activities in advance before they occer 
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What is trend line and what is its function
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It is a line that cuts through the business cycle. 
It’s function is to represent the economic growth that is aimed over time 
It represent the optimal economic activity
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Boom- Stylised facts 
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Consumer spending continues to rise with rising inflation
Firms expand production and employment, but eventually run into capacity constraints, so they invest more
Debt and imports rise to meet consumer demand and demand for capital goods
Financial markets start to stagnate
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Recession
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The recession is the stage that follows the peak phase. The demand for goods and services starts declining rapidly and steadily in this phase. Producers do not notice the decrease in demand instantly and go on producing, which creates a situation of excess supply in the market. Prices tend to fall.
A recession is a macroeconomic term that refers to a significant decline in general economic activity in a designated region

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A peak 
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represents periods of high economic growth in the business cycle
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Fiscal Policy 
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is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
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The upswing phase of a business cycle
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The movement of a business cycle from the trough to the peak 
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Recovery- Stylised Facts 
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Financial markets show gains, business confidence grows
Consumers gradually increase spending
Firms stop cutting jobs, employment stabilises
 
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Reasons why the business cycle changes 
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1. STATIC EFFECT- caused by changes in the free market. For example, if there is an increase in domestic demand, production will rise, income and employment will follow. As a result, the economy will enter an upswing.
2. A SHOCK IN ECONOMY-For example, unpredictable events e.g. COVID-19. This pandemic was unpredicted and has pushed many countries into a recession.

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Downswing Phase of a business cycle 
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The movement of the economy from the peak to the trough
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Q:
What are the important indicators
A:
Coincident indicator 
Q:
Recession-Stylised facts
A:
Firms cut jobs as consumer spending falls, many go bankrupt
Negative economic growth and lower inflation (even deflation)
Imports and debt levels fall
Q:
Explain the leading indicator 
A:
It shows change in the economic activities in advance before they occer 
Q:
What is trend line and what is its function
A:
It is a line that cuts through the business cycle. 
It’s function is to represent the economic growth that is aimed over time 
It represent the optimal economic activity
Q:
Boom- Stylised facts 
A:
Consumer spending continues to rise with rising inflation
Firms expand production and employment, but eventually run into capacity constraints, so they invest more
Debt and imports rise to meet consumer demand and demand for capital goods
Financial markets start to stagnate
Mehr Karteikarten anzeigen
Q:
Recession
A:
The recession is the stage that follows the peak phase. The demand for goods and services starts declining rapidly and steadily in this phase. Producers do not notice the decrease in demand instantly and go on producing, which creates a situation of excess supply in the market. Prices tend to fall.
A recession is a macroeconomic term that refers to a significant decline in general economic activity in a designated region

Q:
A peak 
A:
represents periods of high economic growth in the business cycle
Q:
Fiscal Policy 
A:
is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
Q:
The upswing phase of a business cycle
A:
The movement of a business cycle from the trough to the peak 
Q:
Recovery- Stylised Facts 
A:
Financial markets show gains, business confidence grows
Consumers gradually increase spending
Firms stop cutting jobs, employment stabilises
 
Q:
Reasons why the business cycle changes 
A:
1. STATIC EFFECT- caused by changes in the free market. For example, if there is an increase in domestic demand, production will rise, income and employment will follow. As a result, the economy will enter an upswing.
2. A SHOCK IN ECONOMY-For example, unpredictable events e.g. COVID-19. This pandemic was unpredicted and has pushed many countries into a recession.

Q:
Downswing Phase of a business cycle 
A:
The movement of the economy from the peak to the trough
Economics1B

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