A series of events within the business
environment that take place in roughly the
same order and at the same approximate
intervals. A business cycle is concluded
when this series of periodically recurring
events brings circumstances back more or
less to overall conditions that existed when
the cycle began.
The concept of cyclical trends in
business has remained a popular theoretical
basis for analyzing, explaining, and
forecasting long term economic trends.
Cycles are particularly evident in real
estate and are a consequence of supply and
demand factors combined with a host of
intrusive elements from both private and
public sectors. No two cycles display the
same time interval or intensity. The
business cycle is typically associated with
three phases:
Prosperity (high
employment, consumer confidence and
intense market activity);
Recession (rising
unemployment, waning consumer
confidence, and no real growth);
Recovery (economic
corrections and improvement in key
growth indicators).
Economic recovery leads to prosperity
and the cycle begins once more.
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