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business fluctuations

ups and downs in an economy

business cycle

irregular changes in the level of total output measured by real GDP


period of prosperity in a business cycle in which economic activity is at its highest point


part of the business cycle during which economic activity is slowing down


part of the business cycle in which the nation's output (real GDP) declines for at least six months


major slowdown of economic activity


lowest part of the business cycle in which the downward spiral of the economy levels off


part of the business cycle in which economic activity slowly increases

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