Economists use the term "business cycle" to refer to
A) the growth of small businesses into major corporations.
B) changes in products that occur from improved technology.
C) fluctuations in the level of real output and employment.
D) periods of increases and decreases in the rate of inflation.

Question

Quizplus · Accepted Answer

The business cycle refers to the fluctuations in the level of real output (Gross Domestic Product) and employment over time. It typically includes four stages: expansion, peak, contraction, and trough. These cycles are influenced by various factors such as changes in consumer spending, investment, government policies, and international economic conditions.

Economists Use the Term "Business Cycle" to Refer to