Which of the following best defines the term business cycle?
A) the conditions of the economic system in which an organization operates
B) the total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system
C) the pattern of short-term ups and downs in an economy
D) the measure of economic growth that compares how much a system produces with the resources needed to produce it

Question

Quizplus · Accepted Answer

The business cycle refers to the pattern of short-term ups and downs in an economy, which are characterized by fluctuations in economic activity such as changes in GDP, employment rates, and consumer spending. The cycle typically consists of four phases: expansion, peak, contraction, and trough.

Which of the Following Best Defines the Term Business Cycle