Mindblown: a blog about philosophy.

Stage of Business cycle: Slump Unemployment increases Prices fall Businesses close Severe economic problems start

Stage of Business cycle: Recession Gross Domestic Product falls Unemployment increases Prices decrease Uncertainty increases Standard of living decreases

Stage of Business cycle: Boom Prices rise Employment increases Uncertainty increases

Stage of Business cycle: Growth Gross Domestic Product rises Unemployment falls Standard of living increases Certainty increases

Stages of Business cycle There are 4 stages in a business cycle Growth Boom Recession Slump

What happens due to low economic growth? When there is going to be low economic growth it is going to lead to many other problems. As the country would be producing less good less workers would be needed which would be lead to unemployment. When the unemployment would increase it would lead to lower standard…

Economic growth and standard of living Economic growth is the increase in the number of products or good produced in the country so when there would be economic growth there would also be an increase in the standard of living.

Why does the government want to solve unemployment? Governments are also trying to solve the problem of unemployment. They want to counter this problem as it will be destroy any economy if not reduced to an acceptable level.  The government has to pay unemployment benefits to the unemployed people and as unemployed people are both…