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In general, the business cycle is said to go through expansion, then the peak, followed by contraction, and then it finally bottoms out with the trough.
The business cycle or economic cycle in this sense may be accompanied by changes in stock market prices, known as the stock market cycle. For more on these cycles and their phases, see the sections below. The second meaning of business cycle sometimes refers to stages in the life span of a single company. In this regard, important phases in a company's life may include: birth (or start up), growth, maturity, decline, and demise.