The "ups and downs" of economic activity, defined in terms of periods of expansion or recession, are referred to as business cycles. After excluding the effect of inflation, the economy grows in real ...

These cycles typically consist of three phases: expansion, recession, and recovery. During expansion, the economy grows, ...

Periods during which a business ... to the 106-month expansion that spanned the 1960s. The characteristics of economic cycles include: Fluctuations tend to affect durable manufactured goods ...