Stage of the business cycle
What stage of the business cycle is our economy experiencing at present time? proof your answer.
Expert
There are many phases of a business cycle. Starting from a peak we go down into a recession to reach a trough. From this low point we have a recovery till the next peak is attained. US economy is currently in RECOVERY phase as it tries to increase GDL from the low point of 2009 financial meltdown. Unemployment is falling from its peak levels , inflation is stable and there are signs of improving consumer and business confidence.
Law of supply: It is the claim which, other things equivalent, the quantity supplied of a good increases whenever the price of the good increases.
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‘Must a country which is less proficient at generating all goods use import controls to decrease imports from additional countries?’
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