Determine the business cycle and classical economists, Microeconomics

Determine the Business Cycle and Classical Economists

Business Cycle:   The business cycle is the fluctuations in the rate of economic growth that take place in the economy. The peak of the business cycle is usually referred to as a boom, and the trough as a recession or depression. 

Classical Economists:   Classical theories revolved mostly around the role of markets in the economy. If markets worked freely and nothing stopped their rapid clearing then the economy would prosper.  

 

Posted Date: 8/2/2013 2:00:18 AM | Location : United States







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