Define business cycle and explain the concepts


Business Cycle

1. Define business cycle and explain the concepts of expansion and recession

2. Identify (plot out) using Gapminder World ( https://www.gapminder.org/world/ )the business cycle for the U.S. and any other country of your choice (in the same graph). [Take a screen shot of your graph for submission]

3. Show that you have a deeper understanding of your graph in 2. Is the U.S. better off or worse off in terms of GDP compared to the other country of your choice?

4. Enumerate 3 possible reasons why the depiction in answer 2 may not represent the relative wellbeing of people in the U.S. compared to the other country of your choice. [See limitations to using GDP as a measure of wellbeing]

5. Assess your response in 4 using 2 variables (any 2 variables you desire) from Gapminder World to support your answer in 4. Again show the graph for the U.S. and the other country of your choice [be creative].

6. Scrutinize how could the U.S. achieve higher economic growth?

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Microeconomics: Define business cycle and explain the concepts
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