business cycles
/ˈbɪznəs saɪkəlz/ · bus.i.ness.cyc.les
noun
- A long-term fluctuation in economic activity between growth and recession. The economist studied the business cycles of the past century to identify patterns and trends.
- A recurring pattern of expansion and contraction in economic activity. The business cycles of the past decade have been marked by periods of rapid growth followed by sharp recessions.
Synonyms
Did you know? The concept of business cycles was first introduced by the German economist Johann Karl Rodbertus in the 1840s, but it wasn't until the work of American economist Wesley Mitchell in the early 20th century that the term gained widespread acceptance.