Answer: The business cycle is the recurrent but irregular upward and downward movements in production and jobs. A downward movement is called a recession and an upward movement is called an expansion. At the top of the cycle, when an expansion gives way to a recession, is a peak. At the bottom of the cycle, when a recession gives way to an expansion, is a trough.
Answer: The business cycle is the recurrent but irregular upward and downward movements in production and jobs. A downward movement is called a recession and an upward movement is called an expansion. At the top of the cycle, when an expansion gives way to a recession, is a peak. At the bottom of the cycle, when a recession gives way to an expansion, is a trough.
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