Final answer:
The business cycle is a pattern of economic fluctuations in market economies with distinct phases: expansion, peak, contraction, and trough.
Explanation:
The business cycle, also known as the boom-bust cycle, refers to the periodic rhythm that seems to plague market economies. It consists of four phases: expansion, peak, contraction, and trough. During the cycle, there are fluctuations in economic activities around a long-term growth trend.
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