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Demand and the Business Cycle Definition Over time, most firms experience a sequence of changes in the level of demand for their products. This sequence is called the business cycle. Demand will grow for a period of years, peaking in a boom phase. This is followed by a downturn in which business conditions become difficult and demand slackens. For a time, demand may grow very slowly, be static, or actually decline. Eventually demand picks up and the most businesses begin to recover. Some businesses are affected by the business cycle more than others. Cyclical Changes Cyclical trend such as (recovery, recession, boom) are trends in the economy which affect all businesses GDP stands for Gross Domestic Product. It means the value of all the output from the economy for the year. It is one of the standard measures of the size of the economy for the year. The figure is normally 'deflated' to remove the...

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