Link changes in unemployment, inflation, wages, and GDP to one another and how they impacted each other during periods of economic decline (recessions) and periods of economic growth (expansion) over the past 10 years?

Over the previous years, during the recession, the economy was unstable, explained by the low inflation rate. The inflation rate was low due to businesses' failure, where their goods and services were unsold for a constant period. Therefore, businesses had to lower their prices to boost the selling of their goods. Due to the company failures, workers received lower wages, which significantly contributed to losing employment completely. The rise in the unemployment rate, therefore, leads to a decreased GDP.

Over the previous years, during economic development, the economy was stable, indicated by a high inflation rate. The inflation rate was increased due to thriving businesses because they sold a significant quantity of goods and services. In turn, the flourishing businesses increased wages for their workers, which minimized the unemployment rate in the economy. The decreased unemployment rate raised the economy's GDP.