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business cycle (17.2business cycle characteristics (expansion (GDP growth…

- - - - inventory
        
        chuyển giao giữa peak và contraction
        
        firm try to keep enough inventory to meet sales demand
        
        ratio inventory/sales ->normal level of steady economic growth
        
        chú ý:
        +
        +
        
        when approaching peak, sales growth slow down => unsold inventory accumulate => inventory-sales ratio >normal level
        
        inventory được tính vào GDP as economic output => GDP grow
        
        contraction reaches trough
        
        reducing production levels to adjust for lower sales demand=>inventories depleted quickly until sales growth begins to accelerate => inventory sales ratio decrease below normal level
      - company behavior
        
        adjusting utilization of labor + physical capital
        
        ko thich adding/substracting worker with changes in economic growth (costly), mat lao dong tot
        
        cat giam gio lao dong hoac cho overtime
        
        expansion/ contraction => hire/lay off worker
        
        firm ưu tiên using existing physical capital more/less
        
        expansion => đâu tư trang thiết bị
        
        contraction=> reduce physical capacity by spending less on maintenance
    - - mortgage rates
        
        low => tăng buying+cóntruction
        
        high ngược lại
      - housing costs relative to income
      - speculative activity
        
        kỳ vọng giá sẽ tăng trong tương lai => xây nhà nhiều hơn => dramactic decrease price in the future
      - demographic factors
        
        nhiều người 25-40 => nhu cầu nhà ở tăng
    - - GDP growth => more import vì mua hàng nước ngoài về
      - export phụ thuộc vào các nền kinh tế khác
      - curency exchange
- - - - recession: money wage rate giam
        expansion: money wage rate tang
        => temporary deviations from long-run equilibrium
      - drawback: in dai khung hoang 29-33, economy of USA operated sighnificant below full employment level and business cycle have been more severe+prolonged
  - - - overinvest + overproduce when they too optimism and in the contrary
    - - bổ sung thêm
        
        price of inputs except for labor downward sticky too =>barriers to restoration at full employment equilibrium
  - - - Chinh sach tien te ko phu hop that chat hoac noi long cung tien
    - - they create low interest rate => increasing invest in fixed asset => AS>AD
    - - nhan manh yeu to technology and external shock
      - effect market
        
        government shouldn't affect the market
- - - - people who find a new job that is better than current job
    - - chuyển dịch cơ cấu ngành eg: thu hẹp lĩnh vực nông nghiệp tăng dịch vụ => thất nghiệp tăng ở nông nghiệp
    - - thất nghiệp do nền kinh tế thay đổi theo business cycle