The part of the business cycle where there has been an increase in the GDP with the decrease in unemployment has been termed as contraction.
The relationship of the fall and rise of the economy with respect to time has been termed as the business cycle. The change in the economy has been measured in terms of GDP.
The business cycle has been consisted of 4 parts, namely the peak, expansion, contraction, and trough. The part of the business cycle where there has been an increase in the GDP with the decrease in unemployment has been termed as contraction.
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