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Business Cycle
What is a business cycle?
A business cycle is the recurring pattern of expansion and contraction in economic activity, measured by GDP, employment, and industrial output, typically lasting several years.
What is the average duration of a typical business cycle?
Typically ranges from 3 to 5 years on average.
What are the four phases of a business cycle?
The four phases are expansion (recovery), peak, contraction (recession), and trough, each representing distinct levels of economic activity.
What does the term 'trough-to-trough' measurement refer to in business cycles?
Measuring one full cycle from one trough to the next.
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