You are a junior executive of a new cellular phone carrier called Technologies of the Future (TOF) that competes in the same market as Verizon Wireless, AT&T, and T-Mobile. You are asked to write a professional document that discusses the concepts below.

• How would economic fluctuations affect the sale of smartphones?
• Please define the four phases of the business cycle that affect economic fluctuations.
• How would unemployment levels affect the sale of smartphones?
• How would the sale of smartphones be affected if the labor force participation rate decreased?
• Please define the labor force participation rate and provide the current labor force participation rate in the United States.
• How would inflation and less consumer purchasing power affect the sale of smartphones?