2. Why is it important to keep track of Business Cycles? Explain. Why is it more important to look at longer term (secular) trends vs. shorter term (seasonal) trends while looking at business cycles? Why are economic indicators helpful in analyzing business cycles? Explain.

Q: Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Economica.…

A: Nominal GDP is a measure of the value of goods (commodities) and services produced (manufactured) in…

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Q: business cycle

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A: Fluctuation in the GDP is known as the business cycle.

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A: Since you've posted multiple independent questions, according to our guidelines, only the first…

Q: business cycle?

A: ‘Business cycle’ refers to a fluctuation in production, employment, trade and general activity in an…

Q: 2070 [/ 1970 1870 1948 1949 REAL GDP (Billions of dollars) 2170 1770 1947 YEAR 1950 1961 ?

A: An increase in the real GDP of the economy in the short run is referred to as an expansion. A…

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A: Point A = Peak Point B = Recession Point C = Through Point D = Expansion

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A: Economic fluctuations are simply oscillations in the position of the public income of a country…

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A: Trough" a trough os the lowest point of economic activity during a recession or contraction phase.…

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A: Here we have to find real GDP .

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A: The graph of real GDP growth rate shows business cycle where real GDP is increasing and decreasing.

Demand and Supply

The concept of demand and supply is important for various factors. One of them is studying and evaluating the condition of an economy within a certain period. The analysis or evaluation of the demand-side factors is important for the suppliers to understand the consumer or individual behaviour. The evaluation of supply-side factors is important for the consumer or individuals to understand that what kind of combination of an economic good or what kind of economic good and services he or she should consume to maximise his utility and minimise the cost. Therefore, in microeconomics, both of these concepts are extremely important to have an idea that what exactly is going on in the economy.