1. The phases of a trade cycle.

2. How can this aspect of the trade cycle be explained?

3. A well known case for the international product trade cycle is the textiles industry, specially cotton.

4. "Asia is taking a breather, and the trade cycle is slowing, " echoed Frederic Neumann, regional economist at HSBC in Hong Kong.

5. The trade life cycle theory divides the trade cycle into four periods: birth, growth, maturity and decline in which the market demand and trade competition have different features.

6. The implication was that balance would be achieved over the trade cycle.

7. The notion that spending and taxation would be balanced over some notional trade cycle was never realistic politics.

8. It explains the observed rises in the apc when income falls over the period of a trade cycle.