Define Trade cycle.
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Trade cycles refer to regular fluctuations in the level of national income. It is a well-observed economic phenomenon, though it often occurs on a generally upward growth path and has a variable time span, typically of three years. In trade cycles, there are upward swings and then downward swings in business.
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Explanation:
trade cycle refers to fluctuations in economic activities specially in employment, output and income, prices, profits etc. It has been defined differently by different economists. According to Mitchell, “Business cycles are of fluctuations in the economic activities of organized communities.
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