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Luckily, it only takes a few steps to change direction. Had he known about his mother’s withdrawal from a 401(k) plan, for example, he says he likely would not have cashed out on his own 401(k) and would have instead rolled his funds into an IRA. Growing up, McCorvey explains his parents insulated him and his brother “from the worrisome and complicated world of credit cards, mortgage payments and consolidation loans.” This lack of communication compounds itself over time, leaving generation after generation without financial acumen. “Like so many people of my generation,” he writes, “I had never talked in-depth to my parents about their finances.” McCorvey of the Wall Street Journal recognized his mother was recently widowed, living without a second household income, and “approaching the reality of living on Social Security.” But when he asked himself what his mother’s savings looked like, he confessed he had no clue. Listen to the Trust Your Voice Podcast for an audio version of this Brief: Unemployment should increase during a recession and decrease during a recovery.PRINT Discussion Guide Share Introduction View the Executive Summary for this Brief. (Answers will vary, but be sure each graph has the four phases of the business cycle. Debrief the assignment by reviewing student answers. Tell students they should review the information and complete the assignment. After completing the activity, ask students if they have any questions about the business cycle.ĭistribute a copy of Drawing a Business Cycle activity to each students. Start the activity, stopping to review and discuss student answers after each statement. Once selecting an answer, they should place an X showing their answer and hold up the card corresponding with their answer. Tell students that you will be reading each statement, then giving them one minute to discuss the potential answer with their partner. Distribute one copy of the cards and answer sheet to each pair of students. Put students in pairs to complete the Business Cycle Activity. Slide 6: Have one or more students come to the board to draw and label the business cycle. You may also want to go back to slide 3 to discuss them. Talk about these definitions and give students enough time to copy them. Slides 4 and 5 are the vocabulary terms with definitions. In the contraction part of the cycle, GDP is shrinking, unemployment is growing, and inflation may stall or shrink. Explain the following: In the expansion part of the cycle, GDP is growing, unemployment is going down, but inflation may be rising. Slide 3: Walk students through the phases of the business cycle, discussing each phase and giving students enough time to copy the slide into the notes. Tell students that a business cycle is just a period of expansion and contraction of the economy, measured by changes in the real GDP, or Gross Domestic Product. Slide 2: Explain that these will be the key words used to discuss the business cycle. Open the PowerPoint titled The Business Cycle. If they do not respond or need more prompting, ask: “Is the economy growing (going up) or shrinking (going down)?” Follow up by asking: “What factors do you think is causing economic activity to be up (or down)?” Ask students: “How do you think the economy is doing right now?”and give them sufficient time to respond. Louis Fed or project the graph in the link on the board for them to see. Have students look at either FRED from the St. Tell students this lesson will help them understand a basic macroeconomic tool called the business cycle.
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