Define the business cycle

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1-Briefly explain how the following variables have changed and affected the Australian economy since 2020.

A. Consumer price index

B. Official interest rate

C. Federal budget deficit

2. Explain two (2) indicators, other than GDP, that can more accurately measure the welfare of a nation.

3. If you are an owner of two businesses, a fruit shop and a furniture shop. Define business cycle and explain how and why changes in the business cycle affect the revenue of your two businesses differently.

4. What indicator does the government use to predict economic changes over the next six months? In your answer, explain two (2) variables used in this indicator.

Reference no: EM133081910

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