Download Identify the factors of production and why they are necessary for the

Standard 1
Understand the fundamental concepts
relevant to the development of a
market economy
SS.912.E.1.12
Examine the four phases of the
business cycle (peak, contraction unemployment, trough, expansion inflation)
Key Points:
The business cycle varies and is
unpredictable
The average annual growth rate is 3%
Characteristics
During the contractionary (recessionary)
phase,
– Real GDP declines
– Unemployment rises (employment falls)
– Interest rates decline
– Inflation is muted (deflation is possible)
Video: Geography of a Recession-LaToya
Egwuekwe
Characteristics
During the expansionary phase,
– Real GDP rises
– Unemployment falls (employment rises)
– Interest rates rise
– Inflation is likely, but not necessary
Focus: Understanding Economics in US History
Lesson 3 Why Do Economies Grow?
Video: Hans Rosling 200 Countries 200
Years
Focus: Understanding Economics in US History
Lesson 26 Could the US Economy Have Grown
Without the Railroads?
Interesting history of RR
Puffert - The Standardization of Track
Gauge.pdf
Video: History Channel Railroads clip
Focus: Understanding Economics in Civics and
Government
Lesson 18 Economic Indicators for Informed Citizens