An organisation that aims to satisfy customer needs and wants.

The business cycle describes the phases of growth and decline in an economy. The goal of economic policy is to keep the economy in a healthy growth rate -- fast enough to create jobs for everyone who wants one, but slow enough to avoid inflation. Unfortunately, life is not so simple. Many factors can cause an economy to spin out of control, or settle into depression. The most important, over-riding factor is confidence -- of investors, consumers, businesses and politicians. The economy grows when there is confidence in the future and in policymakers, and does the opposite when confidence drops. This is the BUSINESS CYCLE.

 The 5 stages of the business cycle are; 1) Growth 2) Peak 3) Recession 4) Trough 5) Recovery

 There are four stages that describe the business cycle. At any point in time you are in one of these stages: Contraction - When the economy starts slowing down. Trough - When the economy hits bottom, usually in a recession. Expansion - When the economy starts growing again. Peak - When the economy is in a state of "irrational exuberance."

 According to Wiki recession is "a contraction phase of the business cycle, or "a period of reduced economic activity". Quite complicated, isn't it? BBC tried to put things quite plain: recession happens when "the total amount of goods and services produced by a country - known as gross domestic product (GDP) would have to contract on a quarter by quarter basis for a total period of six months".

 During periods of contraction, consumers will cut back on their expenses, employers will cut back on jobs and economic activity will be reduced. Eventually a bottom is found (trough), and a recovery can begin. During periods of expansion, consumers will spend more, companies will hire more workers to meet increased demand, and economic activity will grow. Eventually a top is hit (peak), and contraction will begin.

HERE WE GOOO

 National Bureau of Economic Research (NBER) defines a recession even more specifically as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (nonfarm payrolls), industrial production, and wholesale-retail sales." Out of all the definitions, basically a recession is about: - decreased economic activity - over a substantial period of time - leading to GDP deduction

GNP: GROSS NATIONAL PRODUCT

UNEMPLOYMENT

 The economy of Turkey is defined as an emerging market economy and is largely developed, making Turkey one of the worlds newly industrilized countries. The country is among the worlds leading producers of agricultural products; textiles; motor vehicles, ships and other tranportation equipment; construction materials; consumer electonics and home appliances. In recent years, Turkey had a rapidly growing private sector, yet the state still playes a major role in the industry, banking, transport and communications.

OECD
- Stands for: Organization for economic co-operation and development.

THE OECDS ECONOMIC GROWTH FORECAST(%) 2012-2013

WORLD OECD USA TURKEY JAPAN EURO ZONE GERMANY FRANCE ITALY SPAIN PORTUGAL GREECE IRELAND BRITAIN CANADA NOT: the data in the brackets include the OECDs expectation of growth in the month of November.

- This chart shows you the economic growth for 2012 and 2013.

 It illustrates how what businesses decide to make and produce are driven by customer needs and wants. Then with the money and profit created by sales to customers, employees are paid and they themselves become customers as they go and buy other goods and services. This is a continual process which is the basis of our economy. This is why when people are out of work less money is in the economy and inflation (the rise in prices) will be generally low. On the other hand when many people are in work with disposable income to spend, then inflation will rise as goods and services will have a high demand. Where demand is high companies can choose to raise prices to maximise their profits.

ORGANIZED BY;
ESMA ISIK LADIN TROSPER

 Three guys, stranded on a desert island, find a magic lantern containing a genie, who grants them each one wish. The first guy wishes he was off the island and back home. The second guy wishes the same. The third guy says "Im lonely. I wish my friends were back here.

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