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Bas Congo Travel on At some point, however, the economy will reach a peak, after which real GDP will then decline, going into what economists call a contraction, the other phase of the business cycle. In a viable economy, a contraction will, in turn, end with the economy reaching a trough, after which the economy will once again expand. This cycle of expansionpeak- contraction-trough-expansion repeats itself over and over again throughout the history of a capitalist economy. Anatomy of a Business Cycle An example of a business cycle is shown in the figure above.
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The ups and downs of the economy are clearly seen, with the shaded areas being contractions (as determined by the National Bureau of Economic Research). The first cycle shown begins with a peak in the first quarter of 1980. The economy then contracted for six months, bottoming out in the third quarter of 1980.
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