宏观经济33_4E剖析.ppt

Aggregate Demand and Aggregate Supply Short-Run Economic Fluctuations Economic activity fluctuates from year to year. In most years production of goods and services rises. On average over the past 50 years, production in the U.S. economy has grown by about 3 percent per year. In some years normal growth does not occur, indicating a recession. Aggregate Demand and Aggregate Supply Short-Run Economic Fluctuations A recession is a period of declining real incomes, and rising unemployment. A depression is a severe recession. THREE KEY FACTS ABOUT ECONOMIC FLUCTUATIONS Economic fluctuations are