Explain the term business cycle in brief
Explain the term business cycle in brief.
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The period of business prosperity alternate along with period of depression. The era of business prosperity consists of within itself the seed of the coming period of depression. One time depression reached the by, recovery starts and rapidly grows in boom or prosperity. On the peak of the boom recession grips the economy that soon slides in depression. To be exact, there are four phase’s are as: boom recession, recovery and depression.
The Business cycles affect business decision. The cycles influence not only the economy within general, but each particularly business firm. The era of prosperity promotes business. It gives new investment opportunities. Similarly, a period of depression slackens business. A manager who is all the time confronted along with the problem of forward planning takes in consideration the phase of the business cycle. It helps to take benefit of the chance ahead or to decrease the chance of heavy losses to the firm.
The demand for labor is less elastic when: (w) resource substitution is easy. (x) output demand is relatively inelastic. (y) wages are a huge percentage of total cost. (z) firms have more time to adjust to wage changes. Q : Illustration of specific training The The knowledge gained while an Apple employee learns a specialized technique on an iPod assembly line is an illustration of: (w) comparative technological advantage. (x) specific training. (y) on-the-job leveraging. (z) general training. Q : Decreases in derived demands Decreases Decreases in derived demands are best demonstrated while: (1) illegal aliens reduce equilibrium wage rates for unskilled workers. (2) swim suit sales plummet at the ends of summer vacations. (3) undocumented construction workers begin leaving the Unit
The knowledge gained while an Apple employee learns a specialized technique on an iPod assembly line is an illustration of: (w) comparative technological advantage. (x) specific training. (y) on-the-job leveraging. (z) general training. Q : Decreases in derived demands Decreases Decreases in derived demands are best demonstrated while: (1) illegal aliens reduce equilibrium wage rates for unskilled workers. (2) swim suit sales plummet at the ends of summer vacations. (3) undocumented construction workers begin leaving the Unit
Decreases in derived demands are best demonstrated while: (1) illegal aliens reduce equilibrium wage rates for unskilled workers. (2) swim suit sales plummet at the ends of summer vacations. (3) undocumented construction workers begin leaving the Unit
What did professor Marshall illustrates about Law of Demand? Answer: According to Marshall “the amount demanded raises along with reduces in price and diminish
Our society is possibly operating inefficiently when: (w) we could grow more pecans by producing fewer walnuts. (x) asthmatics would gain when all pollution were removed. (y) whole medical costs would be lower and people would be healthier when we dev
Agricultural productivity within Massachusetts Bay Colony increased while Native Americans showed Pilgrims how crops grow faster and better when rotten fish are dropped in along with newly-planted seeds. This new knowledge for the Pilgrims was an illustration of: (1)
A firm along with extreme managerial slack (i.e., X-inefficiency) can best survive when, it: (1) maximizes its economic profits. (2) spends large amounts on marketing and advertising. (3) has important market power and faces little potential competiti
Illustrates the environmental or external issues.
Illustrates the Regression and Correlation statistical method of Demand Forecasting?
When all labor were fundamentally very similar then, in long run equilibrium for purely competitive labor markets as: (w) money wages will be equal for all workers. (x) the net advantages of working in various occupations will be equa
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