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Please give relevant (iii) Define inflation. With the aid of diagrams, explain the following in terms of impact on price, output and employment i. Demand-pull

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(iii) Define "inflation". With the aid of diagrams, explain the following in terms of impact on price, output and employment i. "Demand-pull inflation" ii. "Cost-push inflation" (iv) With the aid of a diagram, define "busines cycles" and identify the four (4) phases of the business cycle? During economic downturn (or recession), explain how government can implement the following policies to stabilize the economy: i. Monetary policy ii. Fiscal policy

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