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Write My Essay For MeDiscuss the four phases of the business cycle by comparing and contrast economic conditions under those phases. What phase of the business cycle is the economy in now?
Discuss how the U.S. Department of Labor Bureau of Labor Statistics (BLS) compiles labor force statistics (employment, unemployment, and the unemployment rate)?
Discuss how the U.S. Department of Labor Bureau of Labor Statistics (BLS) compiles statistics on inflation?
SAMPLE SOLUTION
Business Cycle Phases
Business cycles are characterized by four notable phases – peak, trough, contraction, and expansion. The expansion phase is characterized by economic growth, increasing employment, and an upward rise in prices. The peak phase involves economic production is maximizing at an allowable output, while the employee is above or at the full level (Dekimpe et al., 2018). After peak, the economy enters the correction (the contraction phase) where the growth slows, and a decline in employment and prices is experienced. It is in the trough phase that the economy ceases growth, and is at the bottom awaiting the expansion phase (Dekimpe et al., 2018). Currently, the economy is at the expansion phase.
The U.S. Department of Bureau of Labor Statistics (BLS) has field economists with extensive training experience whose roles are to provide detailed information on…
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