The Business Cycle
The business cycle describes the recurring, though irregular, pattern of expansion and contraction in a country's overall economic activity over time, typically moving through a few recognizable phases: expansion, when output and employment are growing; a peak, the high point before growth stops; a contraction or recession, usually defined as a significant decline in economic activity lasting more than a few months; and a trough, the low point before the next expansion begins. These cycles vary a lot in length and severity and do not follow a fixed, predictable schedule, so the business cycle describes a general recurring pattern, not a precise clock.
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