• Define the business cycle and apply it to the great recession of 2007-2009
• Please provide historical data for real GDP, unemployment, industrial production, total sales in manufacturing, wholesale trade, and retail trade in the USA to show the downturn of the economy in 2007-2009
• Review & analyze the following data on page 267 and explain why recessions come after a period of the upsurge in the economy
• The peak of employment and after-tax income in the USA was in December 2007
• The peak of industrial production in the USA was January 2008
• The peak of real manufacturing and wholesale/retail sales in the USA was June 2008
• Review & analyze figure 10-2 on page 268 and explain why the 2007-2009 recession became global in scope.