Business Cycles -

Business Cycles -

• Business Cycles - fluctuations in economic activities that an economy experiences over a period of time
• Expansion - period of economic upturn when output and input and employment are rising
• Peak - highest point; where business activity has reached a temporary maximum; near or at full employment
• Contraction/Recession - period of decline in total output, income, and employment
• Trough - lowest point; the economy turns from recession to depression