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What actually is a business cycle and how does it work? What are the important characteristics we should know about?
Recession happens when the economy starts to slow down.
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Some of these terms can have different meanings in situations outside of business and management, and some can even have different meanings in different areas of business.
Some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations.
But the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.