business cycle refers to the fluctuations in the over all level or pace of economic activity

a full cycle in total economic activity is called a reference cycle

set of observations of a phenomenon taken at different points in time

data organised according to criteria such other than time such as gender age or location.

combination of time series data and cross sectional data by pooling the two types of data

the elimination of of the seasonal variation in a time series is called seasonal adjustment.

analyze as many time series as possible. isolate the cyclical component. combine to form a general picture of the business cycle. these turning points are called reference turning points or reference dates

if necessary, first adjust for factors such as price changes and the number of working days

analyse and isolate the cyclical component and determine turning points

assemble information of specific turning points to determine reference turning points.

clustering of turning points involves using a large number of specific turning points to represent all the economic sectors

specific cycle is a full cycle exhibited by individual time series