Question - Boom Pizza Inc. (Boom Inc.) has been successful in the restaurant industry since its inception eight years ago. They have hired you, a partner in the advisory services department of Mission Driven CPAs, LLP, to help them better understand economic and business cycles. This information will be used to train Boom Inc's franchise owners.
Prepare a memo to Boom Inc's president describing the expansion and boom phases of a business cycle. Include in your explanation the implications on a business' employment, inventory, and the economic impact on inflation and interest rates. Also discuss the concepts of counter-cyclical industries.