Final answer:
The option not part of the economic, or business cycle is depression. The standard business cycle includes peak, contraction (recession), trough, and growth (expansion), but depression represents an extended and severe downturn which is not a typical phase of the cycle.
Step-by-step explanation:
The option that is not part of the economic, or business cycle is: A. depression. The business cycle refers to the fluctuations in economic activity that an economy experiences over a period of time. It consists of four main phases: peak, contraction (recession), trough, and growth (expansion). A depression is not considered a standard phase of the business cycle; instead, it is a more severe form of a recession.
While a recession is a normal part of the economic cycle, marked by a significant decline in economic activity across the economy lasting more than a few months, a depression is characterized by its long duration and extreme decline in activity, and it is much rarer. The business cycle's pattern is evident in the historical record of expansions and contractions in the U.S. economy, as outlined in the provided data.