IB Economics 3.1.2: The Business Cycle (Fluctuations vs. Growth Trend)
Why do economies boom and bust? 📈 In this IB DP Economics Unit 3.1.2 lesson, we break down the Business Cycle. We distinguish between short-term fluctuations (recessions and recoveries) and the long-term growth trend (potential output). This lesson includes a step-by-step guide on how to draw and label the Business Cycle diagram for your IB exams.
0:00 - Introduction
00:11 - Explain the business cycle
03:22 - Distinguish between short-term fluctuations and the long-term growth trend (potential output) and draw a diagram illustrating these
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