Business cycle
Fluctuations in the growth of real output, characterised by alternating phases of expansion (rising real output) and contraction (falling real output).
Pay attention to the axis of Figure 1.
The business cycle consists of four key phases, each with unique characteristics. These four phases can be seen in Figure 1 above.
A period of positive real GDP growth.
Characteristics:
Expansions are represented by upward-sloping sections of the business cycle curve.
The maximum level of real GDP in a cycle, marking the end of an expansion.
Characteristics:
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