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It consists of alternating periods of economic expansion and contraction.
Economic activity sharply declines, leading to low production and high unemployment.
Recovery marks the beginning of economic improvement after a decline.
Economic activity peaks with high production, employment, and consumer confidence.
Economic activity declines after reaching a peak, leading to reduced demand and profits.
They repeat a pattern of expansion followed by contraction.
Prosperity, recession, depression, and recovery.
Economic variables rise and fall together in a systematic pattern.
They recur at irregular intervals without fixed durations.
They affect the entire economy, not just specific sectors.
Economic variables tend to rise or fall together during cycles.
Recovery takes time, while prosperity can end suddenly.
They are influenced by global trade and economic conditions.