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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 income over time.
What is the average duration of a typical business cycle?
Usually 3 to 10 years from peak to peak.
What are the four main phases of a business cycle?
The four phases are expansion (recovery), peak, contraction (recession), and trough, which together form the complete cycle of economic fluctuation.
Which economist is credited with pioneering modern business cycle theory?
Joseph Schumpeter developed major business cycle wave theories.
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