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

Question

Quizplus · Accepted Answer

The business cycle describes the pattern of short-term ups and downs in an economy. It is a recurring cycle of expansion and contraction that affects economic activity, such as employment and production. The business cycle can be divided into four main stages: expansion, peak, contraction, and trough.

Which of the Following Best Defines the Term Business Cycle