Business Cycle (Global)
Economic fluctuations affecting multiple countries.
Real World
The 2008 global financial crisis triggered a near-simultaneous contraction across the US, EU, and Asia, as falling US consumer demand rippled through trade links to export-dependent economies like Germany and China.
Exam Focus
Name the four phases (expansion, peak, contraction, trough) explicitly — vague references to 'ups and downs' lose marks.
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