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hardworker
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Joined: 26 Nov 2009
Location: United States
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Posts: 58

Posted: 13 Jun 2010 at 17:49 \| IP Logged

I wanted to clarify :

GDP is doing good, so economy is doing well. This makes the output to exceed its potential level as a result unemployment is less. So actual output is greater than potential output- economy is doing better and vice versa. and inversely related to unemployment.

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RR_CPA
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Joined: 02 Mar 2009
Location: Canada
Online Status: Offline
Posts: 338

Posted: 15 Jun 2010 at 09:44 \| IP Logged

Actually what is your question? Which area you are looking at?

Are you looking for clarifying business cycle, GDP, AD or AS. Actually these all are linked to each other. If you have any perticular question, it will be easy to expain.

As for as what you have mentioned above, yes this is correct.

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