Economics

While over the long run, the U.S. economy grows about 2 to 3% per year on average, over the shorter term, the economy goes through business cycles. Think about the growth rate of GDP, the inflation rate, and the unemployment rate over the last 12 quarters (that's 3 years, so consider values for 2018, 2019 and 2020). Once you've looked at the data from the Bureau of Economic Analysis (link to real GDP summary t? ) or Bureau of Labor Statistics (link to unemployment summary. t? ), can you draw conclusions about the state of the economy? Would you describe the economy as booming, recovering, or in recession during the last few years? Why? Consider the AD-AS model to illustrate this graphically. Which curve do you think caused the change? Explain your reasoning.