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2.5.3 TRADE CYCLE, image, image, image, image - Coggle Diagram
2.5.3 TRADE CYCLE
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CHARACTERISTICS OF BOOM
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-Output and income falls which decreases tax revenues and increased welfare payments. This causes people to accept jobs at lower wages.
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HYSTERESIS
THIS IS WHEN RECESSION LEADS TO PERMANENT LOSS OF LABOUR:
-Eg people take retirement early
-people lose skills over time
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