A contraction is the phase of the business cycle when the economy declines, often with falling real GDP and rising unemployment, moving from peak toward trough (expansion, peak, contraction, trough).

Many professions commonly use abbreviations. To doctors, accountants, and baseball players, the letters MRI (magnetic resonance imaging), GAAP (generally accepted accounting principles), and ERA ...

Gross domestic product (GDP) has long been the main indicator of economic growth used almost everywhere in the world. However, the measurement does not take into account other factors essential to a ...

Carla Tardi is a technical editor and digital content producer with 25+ years of experience at top-tier investment banks and money-management firms. Photo by Fanatic Studio/Getty Images Economic ...