What are some of the long-run trends of the U.S. economy in the twentieth century?
Overall, the U.S. economy has grown tremendously during the twentieth century. Short-term fluctuations around this long-term growth trend are termed business cycles. A business cycle consists of a recession, a trough, an expansion, and a peak. There have been three recessions since 1970, with the most severe occurring at the beginning of the 1980s.
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