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infoWhy this? Economic activity fluctuates over time, changing employment opportunities, household incomes, and business prospects. Using the circular flow of income alongside measures of growth, inflation, and unemployment helps us explain these fluctuations and evaluate their consequences for firms, individuals, and governments.

scheduleWhy now? We can now connect earlier work on credit, productivity, and international economic links to changes in economy-wide activity. Understanding the economic cycle establishes the problems and conditions to which macroeconomic policy responds later in the term.