The "up-and-down" component of a time series that represents periods of prosperity followed by recession over extended periods of time longer than one year is called:

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The description given refers to the cyclical variation. Trend variation refers to an overall increase or decrease in the data over a long period of time. Seasonal variation refers to regular patterns that repeat over a shorter period (e.g. within a year). Irregular variation refers to unpredictable fluctuations in the data.

The "Up-And-Down" Component of a Time Series That Represents Periods