Outline the Phases of the Business Cycle, and Explain Why

question 80

Essay

Outline the phases of the business cycle, and explain why business cycles have generally become less severe in Australia since the 1950s.
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Definitions:

Gold Standard

A monetary system in which the value of a country's currency is directly linked to the amount of gold held in reserve.

American Farmers

Individuals in the United States engaged in agriculture, contributing to food production and the rural economy.

Economic Power

The ability of an entity, whether a country, organization, or individual, to influence or control economic activities, markets, and resources, often correlating with wealth and production capabilities.