Repercussions of the Great Recession and the Impact of Unemployment Towards the Medical Conditions and Family Life in the United States

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The business cycle, which may be called trade cycle, refers to the fluctuations in the general level of activity in an economy that affect many sectors at roughly the same time, though not necessarily to the same extent. In recent times, the periods between two peaks varied from five to ten years (Lipsey & Chrystal, 2007) .The economic activities are measured in GDP and are categorized into four different stages: the boom (peak), recession (downturn), depression (slump/trough) and recovery (Hallam & Reed, 2005). Commencing, the basic definition of a recession is essential for the reader to comprehend:
A recession is that part of the trade cycle characterized by falling levels of demand, very little investment, low business confidence and rising levels of unemployment…the official definition of a recession is two successive declines in quarterly GDP (Lines, Marcousé, & Martin, 2003).
During a recession companies’ fight for survival by minimize their expenditures with reduction of their labor forces and attempts to increase capacity utilization, as a result there is an increase in the unemployment rate (Hallam & Reed, 2005).This research paper revolves around the repercussions of the great recession of 2007-09 and demonstrates to what extent unemployment has impacted the medical conditions and family life in the United States. . As stated by Starr (2011), the recession of 2007-09 inflicted considerable economic hardship on the U.S. population. . A confluence of factors and economic events lead to the US economy falling into a recession that in its severity can only be compared to the Great Depression of

1929. The ranks of unemployment increased by an additional 8 million people between December 2007 and October 2009, with a...

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...rdination Group Publications
Irons, J. (2009, September 30). Economic Scaring: Long term effects of the recession (243) Retrieved from Economic Policy Institute website: http://www.epi.org
Lines, D., Marcousé, I., Martin, B. (2003). Complete A-Z Business Studies Handbook. Great Britain, London: Hodder & Stroughton
Lipsey, R.G., Chrystal, K.A. (2007). Economics. New York, NY: Oxford University Press.p. 636-640
McInerney, M., Mellor, J.M., Nicholas, L.H. (2013). Recession depression: mental health effects of the 2008 stock market crash. CESifo Working Paper (4263). Germany, Munich: Ifo Institute. Center for Economic Studies
Starr, M. (2011). Consequences of economic downturns: Beyond the usual economics. New York, NY: Palgrave MacMillan
Simpson, S. (2011). Five long-term consequences of the great recession. Forbes Magazine. Retrieved from http://www.forbes.com

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