Business Cycle
Alternating periods of economic expansion and contraction.
Real World
During the 2008–09 recession (trough phase), car manufacturer Jaguar Land Rover nearly collapsed as consumer demand collapsed; during the 2010s expansion it returned to record profits.
Exam Focus
Name the specific phase of the cycle in your answer and then explain its direct effect on the business to structure a full-mark response.
How well did you know this?