You are vice-president of a division of a large, multi-national company that makes electronic equipment for consumers and the military. Your company has several teams and there are several managers managing those teams. Joan, your director of accounting, has created a team of seven employees from the accounts payable department who meet for three hours a week to discuss ways of improving quality, efficiency and the work environment. This is an example of a team.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.