Definitions of Trade cycle

According to Hansen:
" Business cycles is the fluctuation in the employment output and prices."

According to J.A. Estay:
" Trade cycle are fluctuation in general business activity that appear through the inter related fluctuation of many specific cycles."
Nothing remains constant in this world. The only thing constant is change, similarly in the business world the economic climate never remains steady. It always keeps on taking new shapes and forms. This changing of economic climate is called trade cycle in economic terms.

According to J.M. Keynes:
" A trade cycle is composed of period of good trade characterized by rising prices and low unemployment percentages alternating with periods of bad trade characterized by falling prices and high unemployment percentage."
So a trade cycle is the combination of good and bad periods. In good periods there is high employment, productivity and rapid economic activity. In bad periods the economy becomes sluggish, prices fall and unemployment increases.