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Business Cycles
The fluctuating levels of economic activity that an economy experiences over a period, marked by periods of expansion and contraction.
Contractions
Periods in the business cycle where there is a decline in economic activity, marked by reduced spending and increased unemployment.
Recession
A brief phase of economic downturn, signified by reduced commercial and industrial operations, often defined by a sequential fall in GDP over two quarters.
Expansionary Phase
A period within the business cycle where economic activity, including production, sales, and employment, is growing.
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