Scientifically, the term buffalo is incorrect for the North American species; its proper Latin name is Bison bison. However, common usage has made the term buffalo an acceptable synonym for the American bison. (from The American Buffalo in Transition, by J. Albert Rorabacher.).
Life cycle. Life cycle, in biology, the series of changes that the members of a species undergo as they pass from the beginning of a given developmental stage to the inception of that same developmental stage in a subsequent generation.
The Four Phases. Cycles are prevalent in all aspects of life; they range from the very short term, like the life cycle of a June bug, which lives only a few days, to the life cycle of a planet, which takes billions of years. No matter what market you are referring to, all have similar characteristics and go through the same phases.