Answer to Question #331277 in Economics for Joel

Question

Consider how the economy has performed throughout your life. Identify a time you believed the economy was in a peak or a trough. When was the economy expanding? When was it contracting? Describe the overall trajectory of the economy throughout your life.

Answer 1

In 2008 the economy contracted. Therefore, low income levels and high level of unemployment was observed.

In 2019 the economy grew (with high investment rates and growing salaries) before a sharp collapse due to COVID-19.