(Answered) 1 explain what is meant by a business cycle2 describe the

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1) Explain what is meant by a business cycle.

2) Describe the four phases of an idealized business cycle.

3) Describe how innovation and/or random events might cause business cycles.

4) Describe how the Bureau of Labor Statistics (BLS) measures unemployment.

5) Evaluate strengths and limitations of BLS unemployment statistics.

6) What are the causes of frictional, cyclical, and structural unemployment?

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