Birth rate is generally not concerned with the operations and management of the business cycle.
Business cycle includes such factors that affect the operations and management of a business organization at one or more stages. It is a continuous process.
Mostly, the factors like labor force, wages to be paid to them and the cost and productivity made by the labor are such factors that complete a business cycle.
Hence, option D; it can be stated that birth rate is not a part or an indicator of the business cycle.
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