Four phases of business cycle

Reference no: EM1314642

1. What is the business cycle and how is it linked to a secular trend? Describe each of the four phases of the business cycle and indicate how they a linked to the concepts of a "boom", a "recession" and an "expansion".

2. What is the formal definition of the unemployment rate and how is it calculated? Describe each of the three macroeconomic categories of unemployment: cyclical, structural, and frictional and give a fictional example of each type of unemployment.

Reference no: EM1314642

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