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How to write an essay about the business cycle?
ASSIGNMENT 1 Introduction In macroeconomics, business cycle played an important role to show what a national economy is going; therefore, this essay will define what business cycle is and its characteristics.
Why is it important to understand business cycles?
Understanding business cycles is an opportunity to interpret the economic numbers and determine the situation in the economy, giving a chance to build the future forecasts, based on the theories of business cycles. After The Great Depression, the macroeconomic studies changed dramatically.
How many business cycles are there in the world?
Yet, economists who study macroeconomics have learned to make predictions thanks to the theory of business cycles. There are four business cycles: expansion, peak, contraction, and recovery. Each cycle has its own peculiarities and influences world economics in a different way.
What are the variables in the business cycle?
Besides, all of variables such as Real Gross Domestic Product (RGDP), inflation and unemployment rate and their behaviour in the business cycle will be also demonstrated in the second part. The final part of this essay will analyse and compare the situation of Australian economy and USA
Last Update: Oct 2021
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20.10.2021 08:30
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