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What Is Meant by the Term Business Cycle? List the Four

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Essay

What is meant by the term business cycle? List the four phases of the business cycle.


Definitions:

Standardization

The process of making something conform to a standard in order to ensure consistency and compatibility.

Psychology Test

A standardized procedure designed to measure an individual's behavior and mental processes.

Test Reliability

The degree to which an assessment tool produces stable and consistent results over multiple administrations.

Divergent Thinking

An imaginative process or tactic employed to devise novel ideas by assessing an array of possible outcomes.

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