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Cycle – a period of time in which a (1) of events happening in a certain order is completed, and then happens again and again with the (2) coming each time in the same order and generally (3) a similar length of time.

Trade cycle – a cycle in time during which trade (4) from a state of high activity – (5) – through a running-down period – contraction, downswing, (6) , downturn – to a state of low activity – (7), stagnation –, then upward again when business improves – (8), revival – until there is a return to high (9) once more. The whole (10) then begins again.

Boom – the part of the (11) cycle that follows recovery, in which economy is working at full (12) . (13) , (14) , and wages rise, while unemployment falls. If government control of the economy is not sufficiently tight, the boom can lead to recession and ultimately to slump.

Depression – an extended or (15) period of recession. Depressions occur infrequently and some economists believe they occur in long (about 50-year) cycles (Kondratieff waves). The most recent Great Depression occurred in the 1930s. Depressions are usually associated with falling prices and large-scale involuntary (16) . They are often preceded by major (17) crashes, e.g. the Wall Street crash of 1929.

Recession – a slowdown or fall in the rate of growth of (18). Economic growth usually follows a cycle from boom to recession and back again. Recession is associated with falling levels of (19), rising unemployment, and sometimes (20) prices.