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BUSINESS CYCLES PART 1
What is a business cycle?
A business cycle refers to the recurring and fluctuating levels of economic activity that an economy experiences over time, typically consisting of phases of expansion and contraction.
What is the 'expansion' phase in a business cycle?
Phase where output, employment, and income rise steadily.
What are the four main phases of a business cycle?
The four main phases are expansion (recovery), peak, contraction (recession), and trough, which together form a complete cycle of economic activity.
Who introduced the concept of business cycles in modern economics?
Wesley Mitchell systematically studied business cycles in 1913.
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