Business cycles are the recurring pattern of upswings and downswings in economic activity, characterized by alternating periods of expansion and contraction.

The expansion phase of the business cycle is characterized by a sustained increase in real GDP, employment, and overall economic activity.

The trough is the lowest point in a business cycle, where economic activity is at its weakest.

The contraction phase of the business cycle is characterized by a sustained decrease in real GDP, employment, and overall economic activity.

The peak is the highest point in a business cycle, where economic activity is at its strongest.

The average length of a business cycle is typically around 5-7 years.

Natural disasters are not a common cause of business cycles, although they can have a temporary impact on economic activity.

Economic growth is the rate of change in real GDP over time.

Stock market prices are not a common indicator used to measure economic activity during a business cycle, although they can be influenced by economic conditions.

Cyclical unemployment is the difference between the actual unemployment rate and the natural unemployment rate.

Industrial policy is not a common policy tool used by governments to influence business cycles, although it can be used to promote specific industries or sectors.

The business cycle is the period of time between two consecutive peaks in a business cycle.

Increased inflation is not a common consequence of a business cycle contraction, although it can occur in some cases.

The business cycle is the period of time between two consecutive troughs in a business cycle.

Quantitative easing is not a common policy tool used by central banks to influence business cycles, although it can be used in exceptional circumstances.