What are the types of business cycle
What are the types of business cycle?
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Types of Business Cycle are as follows:
Professor James Arthur categorizes business cycle in three parts as given below:
1. Major and Minor Trade Cycles:
Major trade cycles are which the period of that is very large. Minor trade cycles are which that occurs during the period of a major cycle. Professor Hanson determines the period of a major cycle between from eight years and thirty three years. Two or three minor cycles arise during the period of a major cycle. Era of a minor cycle is forty months.
2. Building Cycle: Building Cycles are which trade cycles that are associated with construction industry. Era of that cycle range from fifteen to twenty years
3. Long Waves: Period of an extended wave is of fifty years. This was discovered through a Russian economist prof. Kondratief. One or two major trade cycle arise throughout the period of a long wave.
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Short run total revenue of the purely competitive firm would be at a maximum along with: (1) 600 workers. (2) 700 workers. (3) 800 workers. (4) 900 workers (5) 1000 workers. Q : Economic Efficiency to make one person When an economic alteration makes one person better off whereas no one else is affected, then this is: (w) efficient to make the change. (x) traumatic to make the change. (y) neither good nor bad for society. (z) strictly a positive value judgment to
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