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Business Cycle - Economics, UPSC IAS Exam Preparation Video Lecture | Indian Economy (Prelims) by Shahid Ali
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36 videos|62 docs|78 tests
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FAQs on Business Cycle - Economics, UPSC IAS Exam Preparation Video Lecture - Indian Economy (Prelims) by Shahid Ali
| 1. What is the business cycle in economics? |  |
Ans. The business cycle refers to the fluctuations in economic activity that occur over time. It is characterized by alternating periods of expansion (economic growth) and contraction (economic downturns or recessions). These cycles are a natural part of the economy and can be influenced by various factors such as changes in consumer spending, investment, government policies, and external shocks.
| 2. How is the business cycle measured? | |
Ans. The business cycle is typically measured using economic indicators such as Gross Domestic Product (GDP), employment rates, industrial production, and consumer spending. These indicators provide insights into the overall health of the economy and can help identify the different phases of the business cycle, namely expansion, peak, contraction, and trough.
| 3. What causes fluctuations in the business cycle? | |
Ans. Fluctuations in the business cycle can be caused by a variety of factors. Some common causes include changes in consumer and investor confidence, shifts in government policies, fluctuations in interest rates, changes in international trade and financial conditions, technological advancements, and natural disasters. These factors can either stimulate or dampen economic activity, leading to cyclical fluctuations.
| 4. How does the business cycle impact businesses and individuals? | |
Ans. The business cycle has significant impacts on businesses and individuals. During expansionary periods, businesses experience increased sales, higher profits, and expansion opportunities. Individuals may benefit from higher employment rates and wage growth. However, during contractionary phases, businesses may face declining sales, reduced profits, and even closures. Individuals may experience job losses, income reductions, and financial hardships.
| 5. Can the business cycle be predicted or controlled? | |
Ans. While it is challenging to precisely predict and control the business cycle, economists and policymakers study historical patterns and use various tools to mitigate its negative impacts. Central banks, for example, adjust interest rates to stimulate or cool down economic activity. Governments may implement fiscal policies, such as tax cuts or increased spending, to stimulate demand. While these measures can influence the business cycle to some extent, it is difficult to completely eliminate its fluctuations.
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Oct 31, 2024 Last updated |
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