Business cycles reflect fluctuations in economic activity from "summary" of Principles of Macroeconomics by N. Gregory Mankiw
Business cycles are a fundamental aspect of macroeconomics. These cycles represent the fluctuations in economic activity that occur over time. When an economy is booming, characterized by high levels of production and employment, it is said to be in an expansion phase. During this period, businesses are thriving, consumers are spending, and overall economic output is growing.
However, these periods of expansion do not last forever. Eventually, the economy reaches a peak, marking the end of the expansion phase. Following this peak, the economy enters a downturn, or recession. During a recession, economic activity contracts, leading to lower production, higher unemployment, and decreased consumer spending. This phase can be challenging for businesses and individ...
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