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Sagot :
The business cycle graph demonstrates the short-term variations in the economy.
When real output declines for at least two quarters in a row, the economy is in a recession (real GDP). Depression is a long-lasting, severe recession.
Every country's economy has expansionary and contractionary eras. The levels of employment, productivity, as well as the overall demand and supply of the country's goods and services, all contribute to these shifts. The variations of the economy between times of expansion (growth) and contraction are referred to as the "economic cycle" (recession). The present stage of the economic cycle can be determined using variables like gross domestic product (GDP), interest rates, total employment, and consumer expenditure.
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