The term business cycle or economic cycle refers to economy-wide fluctuations in production or economic activity over several months or years, around a long-term growth trend. It typically involves shifts over time between periods of relatively rapid economic growth (expansion or boom), and periods of relative stagnation or decline (contraction or recession).[1]
These fluctuations are often measured using the growth rate of real gross domestic product. Despite being termed cycles, these fluctuations in economic growth do not follow a mechanical or predictable periodic pattern.
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