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Four components of a time series

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Four components of a time series are secular trend, cyclic variation, seasonal variation and irregular variation (Lind, 2005). Briefly describe each of these components and provide a real world example of one component.

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QUESTION:
Four components of a time series are secular trend, cyclic variation, seasonal variation and irregular variation (Lind, 2005). Briefly describe each of these components and provide a real world example of one component.
ANSWER:
A time series indicates any group of statistical information accumulated over time period about the changes in an economic variable. There are four components of changes involved in time series analysis. All time series contain at least one of the four time series components. The very basic objective is breaking down the data over time into one or more of these components.

1. Secular trend.
2. Cyclic variation
3. Seasonal variation
4. Irregular variation

SECULAR TREND:
Term trend implies Secular trend. It measures long-term changes occurring in a time series without bothering about short-term fluctuations occurring in between. In short, secular trend measures smooth and regular long-term movements of a time series delineating the increasing, decreasing or stagnant trend over a long span of ...

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