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Business Cycles
What is a business cycle?
A business cycle is the recurring pattern of expansion and contraction in economic activity, measured by fluctuations in real GDP, employment, and output over time.
What is the typical duration of a complete business cycle from peak to peak?
Varies from 2 to 10 years on average.
What are the four main phases of a business cycle?
The four phases are expansion (recovery), peak, contraction (recession), and trough, each reflecting different levels of economic activity.
What economic term describes two consecutive quarters of negative GDP growth?
Recession is defined by two consecutive negative GDP quarters.
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