Economic Forecasting Flashcards
1
Q
What is economic forecasting
A
Process of making predictions about changing conditions and future events that may affect economy
2
Q
What 2 methods are used to forecast
A
Quantitive
Judgemental
3
Q
What are the 3 economic indicators for business cycles
A
Leading
Coincident
Lagging
4
Q
Discuss economic indicators
A
Changes before economy changes
5
Q
Discuss coincident economic indicators
A
Move at same time as economy activity
Eg retail sales
6
Q
Discuss lagging economic indicators
A
Do not change until after business cycle
Eg value of sales
