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Business cycle 2011
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Business Cycle
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THE BUSINESS CYCLE
Phases of the Business Cycle PEAK Level of business activity Time RECESSION TROUGH RECOVERY GROWTH TREND
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The business cycle
O National output Time 1 2 3 4 Potential output 1 2 3 4 Actual output
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The business cycle
O National output Time Potential output Actual output Trend output
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