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Concept Version 5
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The Business Cycle: Definition and Phases

Business Cycles

Business Cycles

The phases of a business cycle follow a wave-like pattern over time with regard to GDP, with expansion leading to a peak and then followed by contraction leading to a trough.

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    http://upload.wikimedia.org/wikipedia/commons/thumb/f/fb/Economic_cycle.svg/450px-Economic_cycle.svg.png CC BY-SA.

Related Terms

  • trough
  • peak
  • expansion
  • contraction
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