describe the four phases of the business cycle and describe unemployment and its categories.
1. What is the business cycle and how is it linked to a secular trend? Describe each of the four phases of the business cycle and indicate how they a linked to the concepts of a "boom", a "recession" and an "expansion".
2. What is the formal definition of the unemployment rate and how is it find outd? Describe each of the three macroeconomic categories of unemployment: cyclical, structural, and frictional and give a fictional ex of each type of unemployment.