Like four seasons in a year, the economy also operates in cycles known as ''business cycles'' or ''economic cycles.'' From expansion, slowdown, recession to recovery, an economic cycle can last for 3-4 years or 10-20 years or more.
When we hear people say the economy is improving, it means that it is in the phase of recovery or expansion, while a weakening economy would refer to the slowdown or recession phase of an economic cycle.
What does ''economic cycles'' mean?
