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EC1000 - BUSINESS & THE ECONOMIC ENVIRONMENT SEMESTER 1- 2002 RISHMA DATTANI SUNDEEP SINGH CHAHAL Introduction into Business Cycles Business Cycles Business cycles are numerous changes in the level of business and economic activity over time. This business activity is measured by measures of Real Income specifically Real GDP (Gross Domestic Product). Quite often these cycles occur because spending in the economy (as measured by RGDP) differs from the ability of the economy to produce goods and services. A long-lasting period of growth in spending that exceeds the growth rate in output will lead to tight factor markets. The economy may change into a period of recession simply because the current rate of spending cannot continue. An Example of a Business Cycle: Source: www.buslink_SEARCH-BcYcles.ac.uk Business Link These cycles occur at regular intervals in a market economy as the rate of real economic growth exceeds the growth in the prospective of the economy to produce goods and services. Recessions may also occur...

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