Objectives: Determine how economists calculate gross domestic product (GDP) and the limitations of GDP 2. Examine the four phases of the business cycle and factors that influence…

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Objectives: Determine how economists calculate gross domestic product (GDP) and the limitations of GDP 2. Examine the four phases of the business cycle and factors that influence…

Economics Economics Chapter 11 The Business Cycle and Macroeconomic Policy 1 The business cycle When ‘unfortunate incidents’ happened …(e.g. SARS in 2003) Consumption…