ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A business cycle is a period of macroeconomic expansion followed by a period of contraction. There are four phases in a business cycle: –Expansion: a period of economic growth. –Peak: the height of the expansion.

Detailed explanation-2: -A business cycle is a macroeconomic period of expansion followed by a period of contraction.

Detailed explanation-3: -The alternating phases of the business cycle are expansions and contractions (also called recessions). Recessions often start at the peak of the business cycle-when an expansion ends-and end at the trough of the business cycle, when the next expansion begins.

Detailed explanation-4: -Economic expansion is defined as increased economic activity and growth, measured by the rise in the gross domestic product (GDP), employment, and investment. An economic contraction is the opposite of an expansion. It is when there is a decrease in economic activity and growth.

Detailed explanation-5: -An expansion is a period of economic growth as measured by a rise in real GDP. Economic growth is a steady, long-term rise in real GDP.