BUSINESS CYCLE
There are many ways to measure "the business cycle". In general, it is defined as fluctuations in the level of economic activity about a particular estimated measure of its underlying trend. Starting from a position where the level of output is around the trend level, a business cycle is said to be complete when the level of activity has returned back to the trend following a period of cycling above then below the trend level, or vice-versa.
A promissory note or debt security issued by a debtor, such as a government agency, local government, or a corporation, to a creditor, in a fixed amount and for a specified period. An interest bearing bond is where the debtor agrees to repay the principal amount plus a given rate of interest when the bond matures. A discounted bond is sold at a discount of its face value, such that the creditor receives a given rate of return through price appreciation upon repayment of the bond at face value.
Increases or decreases in the value of the assets of institutional and other units which are due to changes in market prices, discovery of new mineral deposits and other natural resources, natural growth of timber, depletion mineral deposits, unforeseen obsolescence, theft, major catastrophes and other events except the purchase and sale of assets, the normal wear and tear, accidental damage, losses in tangible assets, the writing off of bad debts and other flows which are recorded in the transaction accounts.
COMMODITIES
Goods and services normally intended for sale on the market at a price that is designed to cover their cost of production. Includes all goods and services produced by industries, all imported goods and services except direct purchases abroad by government and households, and that part of the gross output of producers of government services and a private non-profit services to households which is sold on the conditions, characteristic of sales of commodities.