BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The economic cycle, also known as a business cycle, refers to fluctuations of the economy between periods of expansion (growth) and contraction (recession).

Detailed explanation-2: -Every nation’s economy fluctuates between periods of expansion and contraction. These changes are caused by levels of employment, productivity, and the total demand for and supply of the nation’s goods and services. In the short-run, these changes lead to periods of expansion and recession.

Detailed explanation-3: -The NBER defines a recession as a period between a peak and a trough in the business cycle where there is a significant decline in economic activity spread across the economy that can last from a few months to more than a year.

Detailed explanation-4: -A business cycle is a cycle of fluctuations in the Gross Domestic Product (GDP) around its long-term natural growth rate. It explains the expansion and contraction in economic activity that an economy experiences over time.