Describe the Major Features of the Business Cycle

question 99

Essay

Describe the major features of the business cycle.Be sure to discuss what variables are affected by the cycle,a description of the key features that are apparent in the data,how variables are related to one another,how regular the cycle is,and how predictable the cycle is.

---

Definitions:

Farm

An area of land and its buildings, used for growing crops and raising animals.

Production Level

Refers to the amount of goods or services produced by a company or industry over a specific time period.

Variable Costs

Expenses that fluctuate in direct proportion to production levels or output, including labor and materials.

Short-run Supply Curve

A graphical representation of the quantity of goods a firm is willing and able to supply to the market at different prices, over a short period where at least one input is fixed.