The business cycle is: the typical "life course" of a business from its founding to its demise. short-run fluctuation between expansion and contraction. long-run fluctuation between expansion and contraction. the changing industrial landscape, as some industries rise and replace others over time.
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Step 1: The business cycle refers to the cyclical upswing and downswing in broad measures of economic activity such as output, employment, and income. Show more…
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