Alexander Smith - Civilization Project
Storyboard Text
- Good! As of now my business is currently in a expansion phase in the business cycle. The gross domestic product is at an all time high! The economic level of activity is through the roof. Goods and services I sell are flying off the shelfs and I'm making huge profit.
- Hey Frank, how's your business!
- Expansion
- I am currently at the peak in my business and life could not be better! In the boom part of things the economy is trying to reach its maximum limit, and inflationary pressure is high. This could be leading to an overheated economy. The peak phase occurs when the economy reaches its maximum productive output. Signaling the end of the expansion. After this point, once employment numbers and housing starts begin to decline, leading to a contractionary phase begins.
- Peak
- A recession is a significant decline in economic activity spread across the economy. This is going to last more than a few months. Normally visible in real GDP. Real income, employment, industrial production, and wholesale retail sales.
- Hey Jenny, I've got some bad news. Apparently my business has gone into recession because of the Covid-19 virus. Do you know what a recession is?
- Recession
- Hey Frank, how is your business doing after the recession?
- Not good Jenny, my business is now in depression. Depression is a severe or prolonged downturn in economic activity. In economics, a depression is commonly defined as an extreme recession that lasts three or more years or which leads to a decline in real gross domestic product (GDP) of at least 10%.
- Depression
- After a long fought battle I am now in the recovery phase. This sometimes is after the depression stage where a business can make a come back. Recovery is the process of reallocating resources and workers from failed businesses and investments to new jobs and uses after a recession. An economic recovery follows after the depression and leads into a new expansionary business cycle phase.
- Recovery
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