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What You Mean by Business Cycles? What Are Their Consequences

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What you mean by business cycles? What are their consequences?


Definitions:

Indicator Variable

An indicator variable is a numerical variable used in statistics that adopts a value of 1 if a certain condition is met and 0 if it is not.

Binomial Probability

The probability of obtaining a fixed number of successful outcomes in a fixed number of trials in a binomial experiment.

Odds

The ratio of the probability of an event happening to the probability of it not happening; in gambling, it represents the amount won relative to the stake.

Unfriended

The act of removing someone from one's social networking friends list.

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