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The business cycle, also known as the trade cycle, refers to the wave-like fluctuations of economic activities characterized by periods of expansion and contraction in output, employment, and prices. It consists of four phases: Expansion, where demand increases leading to higher output and employment; Recession, marked by declining business activities and rising costs; Contraction, which sees a significant reduction in economic activity and prices; and Revival, where demand rises again, leading to economic

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thomas91927172

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