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Ashford
Principles of microeconomics
week 2
ECO 203 Week 2 DQ 1 The Current State of the Economy and Unemployment

ECO 203 Week 2 DQ 1 The Current State of the Economy and Unemployment

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Imagine a scenario where there is a decline in aggregate demand.  Identify which part of the business cycle is part of a decline in aggregate demand.  Gross Domestic Product (GDP) measures the amount of new production. A change in the amount of new production affects employment.  Describe what would happen to GDP, the unemployment rate and the inflation rate if there is a decline in aggregate demand.  Reference: Chapter 6, section 6.3: Aggregate Equilibrium and Changes in Equilibrium. Guided Response: Review and respond to at least two of your classmates’ posts by discussing this question in terms of how a decrease in aggregate demand impacts GDP, and why the change in GDP affects unemployment

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