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5 phases of business cycle

This constitutes the first stage of a business cycle. This pushes the economy to a better stage and into the growth stage again. As a result, people will start losing their jobs and the demand and sales reduce even further. Recession. Linkedin . How long will the economy raise? CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. Marked by increased business activity, unemployment rate falls, businesses produce more and consumers buy more goods and services. Over the course of several years, the economy routinely experiences a predictable pattern of boom (expansion), followed by bust (recession), followed by recovery that begins the pattern anew. From a neighborhood restaurant with a small five-person waitstaff to a $15 million startup tech, small businesses of all types experience the same stages of business growth. As any small business owner can attest to, the stages of business are necessary and a normal part of the small business life cycle. It is characterised by a sharp reduction of production, mass unemployment, low employment, falling prices, falling profits, low wages, contraction of credit, a high rate of business failures and an atmosphere of all-round permission and despair. In order, there is a cycle to follow to implement continuous improvement into an organization. the phase in which the increase in growth rate of business cycle reaches its maximum limit. Over here, where the economy is growing, so the economy is growing from there to there, from there to there, we would call this phase of the business cycle, I'll highlight that in green, we would call that expansion because the economy is literally expanding. As the growth increases, the probability of recession coming up further increases. Attracted by rising profits new investments take place in capital goods industries. The business cycle is a series of expansions and contractions in real GDP. I’ll start with a picture and then move to a brief overview: • Stage 0 — the Aspirational stage. Building construction slows down and unemployment appears in basic capital expenditures. Development stage. It does not however, imply that every business cycle passes through these five stages in the same order. In the diagram above, the straight line in the middle is the steady growth line. It implies increase in business activity after the lowest point of the depression has been reached. They reduce the interest rates of borrowing so that more money flows into the economy. peak. The probability of recession was high, and then the economy collapsed. The business cycle starts from a trough (lower point) and passes through a recovery phase followed by a period of expansion (upper turning point) and prosperity. The period marked from trough to peak. As the government pushes more money into the economy, people start getting jobs and as a result, income, again. GDP-Real Growth Rate Of India 5. Above this line we have two stages of business cycle—a boom is the upswing and a recession is the down swing. There are six phases in the BPM life cycle. Business Cycle Definition #1 – Expansion Stage. Peak. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, Cyber Monday Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) View More, Investment Banking Training (117 Courses, 25+ Projects), 117 Courses | 25+ Projects | 600+ Hours | Full Lifetime Access | Certificate of Completion, National Institute of Social and Economic Research, UK. When there is an expansion of output, income, employment, prices and profits, there is also a rise in the standard of living. Write. They bet that the economy will keep on raising and they failed to gauge the market. There is a general enterprises and full employment. Spell. It is the stage of rapid expansion in business activity to new high marks resulting in high stocks and commodity prices, high profits and over full employment. Solution: Correct Answer :- C. Explanation : Cost of living increases when business cycle is expanding. TOS4. Business Cycle Phases. Profits touch a new height, attracted by the rising profits, the businessmen and industrialists further increase their capital investments. The prosperity phase of the business cycle does not end up with a stable state of full employment; it leads to the emergence of boom. 1. The features of prosperity are :-High level of output and trade. In general, every business cycle has multiple phases and depending on the country we can try to define business cycles. It focuses on the procedures or stages that the auditor has to follow to arrive at an unbiased report on the basis of the evidence furnished and their understanding of the business. 5. Before things become very bad, the government should get involved and try to cool down things. Privacy Policy3. Match. Once we look back, everything seems to be obvious. Key Takeaways The business cycle goes through four major phases: expansion, peak, contraction, and trough. Increase in various economic factors: production, employment, output, wages, profits, demand and supply of products and sales. All businesses and economies go through this cycle, though the length varies. Recovery or Revival 3. Similarly, we cannot say anything definite about the ‘duration’ or ‘length’ of the various stages of the business cycle. A new cycle begins at the next peak. It starts with depression to be followed by recovery, prosperity, boom, recession and ultimately ends up again with depression. Till the sentiment starts to turn the other side. Depression 2. The case of 2008-10 was a more recent one with more information on it – people who have looked at software collapse started putting their money in houses. What are we going to use as a proxy to look at the business? The Banks expand credit. The agriculturists are hit more than the manufacturing classes. How long will the economy raise? 1. The government will try to take corrective actions to keep the work flowing. Disclaimer Copyright, Share Your Knowledge Can we use the GDP? PLAY. 1980, 1990, 2000, 2010. So, what are the five stages of a business life cycle? The steps are modeling, implementation, execution, monitoring and optimization. Source: National Institute of Social and Economic Research, UK. In 2000, people started valuing software companies like crazy – at one position Cisco and Oracle were valued at growth rates such that, if those growth rates are to be true, the net revenue of the company will be greater than the USA’s GDP. No matter how many variables we put in there is always an unknown. The cycle begins at a peak and continues through a recession, a trough, and an expansion. It is possible that the depression phase is a prolonged one to be followed by quick recovery. The volume of employment has steadily increases. 6. Looking at these business cycles is such a theoretical device. expansion. Each uses business size as one dimension and company maturity or the stage of growth as a second dimension. In this period the feeling of over optimism of the earlier period is replaced now by over pessimism characterised by fear and hesitation on the part of the businessmen. Companies like Goldman Sachs are great at analyzing, but not at predicting. A business cycle consists of what four distinct phases? This led to a worldwide recession and we all know the results of that. In the small business life cycle not every business will go through every stage, and not all small businesses will succeed as a result of these stages. Figure 5.1 Phases of the Business Cycle. California State Standards and Common Core Standards. This causes undue optimism among businessmen and industrialists who made additional investments in the various branches of the economy. Coming after a period of depression and before the period of recovery the ‘Trough’ is usually of a short interval lasting only a mouth or two. A decline in output or production is accompanied by a reduction in the volume of employment. #9 Welfare reforms enacted in 1996 put more pressure on welfare recipients to look for work. PLAY. The industrial production picks up slowly and gradually. 5 Main Stages of Business Cycle with Diagram (With Examples) Updated on: August 2, 2020 Leave a Comment A trade cycle is composed of periods of good trade characterized by rising prices and low unemployment percentages are altering with periods of bad trade characterized by falling prices and high and unemployment percentages. The Five Stages of Small Business Growth Categorizing the problems and growth patterns of small businesses in a systematic way that is useful to entrepreneurs seems at first glance a hopeless task. S… Probably no. Most go through the typical business cycle which consists of four distinct phases: expansion, peak, contraction and trough. 12.5.2. Business cycle fluctuations occur around a long-term growth trend and are usually measured by considering the growth rate of real gross domestic product. The business cycle is a series of expansions and contractions in real GDP. While useful in many respects, these frameworks are inappropriate for small businesses on at least three counts. And all of this is post-fact analysis. Boom or Overfull Employment 5. The alternating phases of … Economies reduce in size, companies cut back investments. The five buying-cycle stages. Is it better to use payroll growth? And we can also see that the recessions of 1980, .2000 and 2010 had a high effect on the economy than that of 1990 one. This puts additional pressure on the factors of production which are already fully employed, causing a sharp rise in their prices. If you decide your business idea is worth developing, the next step is to put together a business plan. Prosperity Phase. The cost calculations of the businessmen and the industrialists are completely upset. Examine the contributing factors of business cycle fluctuations. Before jumping into the example of a business cycle, it is fair to point out that these cycles won’t exactly look like what we spoke. These growth phases are: A boom as it is said is inevitably followed by a bust. Stages of the business process lifecycle. Depression 2. The various phases of the business cycle can be illustrated by the alongside diagram: In this diagram, PM is the full employment line. Business cycles are comprised of concerted cyclical upswings and downswings in the broad measures of economic activity—output, employment, income, and sales. The following points highlight the five main phases of business cycle. It should be remembered that recession brings cumulative effect in the market. Terms in this set (5) Expansion. There is an atmosphere of over-optimism all round. Or the unemployment rate? Financial companies went crazy in giving out loans and when the house prices reduced, people found no sense in paying back high amounts for a low-priced house. All construction activities come to a more or less complete stand still during a depression. Many of these firms have to close down on account of accumulated losses. You can learn more about economics from the following articles –, Copyright © 2020. There are five phases of project management and if the lifecycle provides a high-level view of the project, the phases are the roadmap to accomplishing it. If we go back and look at the financial history of the USA, we can see that these are the points in history where recessions happened. Business Process Lifecycle: Model. Expansion : Business cycle starts with depression. Business cycles are identified as having four distinct phases: peak, trough, contraction, and expansion. The business cycle as shown in the diagram passes through five stages. Now that we know business cycles, can we predict the next recession? The National Bureau's Business Cycle Dating Committee maintains a chronology of U.S. business cycles. A good business plan is one that sets the course of a business lifespan. Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. There are five distinct stages in the small business life cycle. When 2008’s recession struck, Goldman was one of the first companies that needed bailing out. Prices collapse and confidence is rudely shaken. It’s called the business process lifecycle. These cyclic fluctuations in economic activity are what we call business cycles or trade cycles. This is when the software fall happened. In this stage of the business cycle, there will be a rise in employment, wages, GDP, and the... #2 – Peak Stage. Share. The business life cycle is the progression of a business in phases over time and is most commonly divided into five stages: launch, growth, shake-out, maturity, and decline. Before publishing your Articles on this site, please read the following pages: 1. California Content Standards. Explanation of Four Phases of Business Cycle. A recession is the period between a peak of economic activity and its subsequent trough, or lowest point. The cycle is shown on a graph with the horizontal axis as time and the vertical axis as dollars or various financial metrics. As the name says, it is a cycle in an endless way. The banks also got panicky and begin to withdraw loans from business enterprises. Introduction Definition:- The business cycle is the periodicbut irregular up-and-down movement ineconomic activity, measured by fluctuations inreal gross domestic product (GDP) and othermacroeconomic variables. The chronology identifies the dates of peaks and troughs that frame economic recessions and expansions. Share Your PDF File The following points highlight the five main phases of business cycle. Prosperity or Full Employment 4. The prices of agricultural commodities and raw materials fall to greater extent than the prices of finished manufactured goods. Peak: The growth in the expansion phase eventually slows down and reaches to its peak. Depression: This constitutes the first stage of a business cycle. We can use anything and they are all inter-related. Phase 1: Process Planning and Strategy. The new law mandated cutting off benefits after a certain length of time. People, companies, and governments will start to restructure their financial patterns to run with the cycle. While the exact buying cycle looks a little different for every product and service, every customer goes through some process of . Prosperity or Full Employment 4. realizing they have a problem; considering their options; making a decision; and; purchasing a solution (or renewing, in the case of subscription products). 5 phases of the business cycle. In this stage of the business cycle, there will be a rise in employment, wages, GDP, and the economy. There are different terms for different phases of the business cycle. business cycle: The business cycle is a repeated five-stage sequence of growth, stagnation and decline in a free-enterprise economy. Again the business cycle continues similarly with ups and downs. Share Your Word File Since the costs are “sticky” and do not fall as rapidly as prices, the manufacturers suffer huge financial losses. Recovery or Revival 3. Test. These phases of business cycles are shown in the following: 1. Unemployment leads to fall in income, expenditure, prices and profits. Of the five business cycle phases, the first four relate to starting, growing, and sustaining a business. If the recession stage is not controlled via proper measures, more people will start losing jobs, they will start paying their loans which is going to affect the economy more. Learn. This leads to further improvement in business activity. The BMP Life Cycle is characterized by iterative set of activities, done in phases. Business Cycle is defined as a series of repetitive upward and downward growth cycles in the pace of the company or economic activities of a country and guides the policymakers in the decision-making process. A pattern of increases and decreases in economic activity. Twitter. Such a situation is known as overfull employment. These phases are cyclic in nature and occur periodically in every economy… The failure of some businesses creates panic among businessmen. A business cycle has five different phases. Here we discuss the 5 phases of the business cycle (expansion, peak, recession, depression, recovery) with the help of examples. It focuses on the procedures or stages that the auditor has to follow to arrive at an unbiased report on the basis of the evidence furnished and their understanding of the business. The rate of recovery, it has been found is generally related directly to that of the preceding depression. While no two business cycles are exactly the same, they can be identified as a sequence of four phases that were classified and studied in their most modern sense by American economists Arthur Burns and Wesley Mitchell in their text "Measuring Business Cycles." These are the five phases or stage of a typical business cycle. Expansion Peak Contraction Trough/Depression. An expansion is characterized by increasing employment, economic growth, and upward pressure on prices. These phases are not entirely shown in the picture as themselves because of the reason that it is just the slope of the curve that is different. The four primary phases of the business cycle include: Expansion: A speedup in the pace of economic activity defined by high growth, low unemployment, and increasing prices. Manage the five stages of a business life cycle with technology. Business Cycle Phase # 1. CH 5 #1 Describe the phases of a business cycle. Boom or Overfull Employment 5. The business inventories also start rising slowly. expansion/recovery. Expansion: The line of cycle that moves above the steady growth line represents the expansion phase of a business... 2. So there are good phases of business cycles with economic growth and expansion of the economy, a rise in GDP etc. Figure 5.1 Phases of the Business Cycle. Companies will start losing their income and will start going bankrupt. First, they assume that a company must grow and pass through all stages of development or die in the attempt. A typical business cycle is characterised by five different phases or stages- (1) Depression, (2) Recovery (or Revival) (3) Prosperity (or full employment), (4) Boom (or overfill employment), and (5) Recession. The business cycle is caused by the forces of supply and demand—the movement of the gross domestic product GDP—the availability of capital, and expectations about the future. Between trough and peak, the economy is in an expansion. This stage is characterised by increased produc­tion, high capital investment in basic industries, expansion of bank credit, high prices, high profits, a high rate of formation of new business enterprises and full employment. 1) Expansion, 2) Prosperity, 3) Recession, 4) Contraction, 5) Revival. The Small Business Life Cycle: 5 Stages of Small Business. Still, we can always be aware of what might come up next and try to be prepared for that. THE BUSINESS PROCESS MANAGEMENT LIFE CYCLE. CFA® And Chartered Financial Analyst® Are Registered Trademarks Owned By CFA Institute.Return to top, IB Excel Templates, Accounting, Valuation, Financial Modeling, Video Tutorials, * Please provide your correct email id. Peak: The upper turning point of a business cycle and the point at which expansion turns into contraction. Below is a more detailed description of each stage in the business cycle: It is a protracted period in which business activity in the country is far below the normal. This goes to explain the limitations of a business cycle – people need to be aware of the fact that the future is not predictable. 1. job loss 2. falling production 3. falling demand (occurs twice) business cycle. The business cycle moves about the line. This means that the cycle can be repeated, instead of ending once the final phase is over. there is an increase in various economic factors, such as production, employment, output, wages, profits, demand and supply of products, and sales. But, we can always get prepared for it, knowing that it might come. The recovery continues until business activity reaches approximately the same level that it had achieved before the decline set in. An existing business, even a mature one, can decline in profits, take heavy losses and eventually either fail or cease operations to avoid further losses. There are five stages in a recession. The possimism and despair of the preceding period is replaced by an atmosphere of all-round cautious hope. It is possible that the recovery stage may be followed by the recession stage without the business cycle entering into the prosperity and boom stages, as it actually happened in the U.S.A. in 1937. The prices of manufactured goods fall to low levels. Content Guidelines 2. #6 Why do some people gain and other people lose from inflation and deflation? In this situation suppose production is stimulated by one reason or other. People start believing that stock prices are a bit overvalued and will turn away from investing. Gravity. The 5 stages of business growth. Till the sentiment starts to turn the other side. How do we measure “up-and-downmovement in business activity ?”Percent change in real GDP 4. Soon a situation develops in which the number of jobs exceeds the number of workers available in the market. The Federal Reserve helps manage the cycle with monetary policy, while heads of … Welcome to EconomicsDiscussion.net! The continuance of investment even after the stage of full employment results in a sharp inflationary rise of prices. Few businesses stay static over their lifetime. Hope begins to appear in the business. The recovery could be initiated by new innovations government expenditure, changes in production techniques, investment in new regions, exploitation of new sources of energy etc. Everything goes right – stock prices raise, people pay back their installments on time, and investment will be on the rise. Phase 1: Project Initiation This is the start of the project, and the goal of this phase is to define the project at a broad level. This period is termed as Prosperity phase. Using such rough estimates, we can interpret the slope of the curves. It enables the auditors to depict the progress of the audit to the management. 4 Phases of Business Cycle. Various researchers over the years have developed models for examining businesses (see Exhibit 1). They are not really bad yet, but they might be. Plot various phases of the business cycle on a spectrum. You can usually tell which phase a business is in by the number of goods it is selling and whether it's hiring or firing staff. The entrepreneurs begin to feel that the economic situation was not so bad as it was in the preceding stage. Whether you’re at seed, startup, growth, expansion or exit, you’ll need to have strong entity management and an ability to interrogate real-time entity data that you know is accurate and up to date. The economy is at its best stage, but things will look weary. The cycle begins at a peak and continues through a recession, a trough, and an expansion. Recession. For example—In 1957-58 the recession in U.S.A. was a severe one. The ‘Through’ is the lowest point of business activity or the lowest point of the business cycle. In the larger scheme of things, cycles are just a part of theoretical knowledge a company tries to use in decision making. The audit cycle is a process that helps in efficient auditing of a process or a business unit or the business as a whole. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. People start... #3 – Recession Stage. A new cycle begins at the next peak. Those four stages also make up the majority of the life of a business. The 5 stages of the business life cycle are: Seed and development Startup Growth Maturity Renewal/Decline Below this line, again we have two stages of the business cycle-recovery in the up-swing and depression in the down swing. This has been a guide to what is Business Cycle and its definition. Describe the phases of the business cycle. There is a slow but sure rise in prices accompanied by a small rise in profits. There is no right answer to this question. In 1980, the great recession hit the USA. I kind of used it just in describing what was happening. Below are the five stages of business growth every company goes through: 1. In an expansion stage, the slope is positive – like the one from a trough to peak (in the above figure). The Phases of the Business Cycle . Though there might be lags in some and some might be used as predictors – we can use any of these as long as it can be properly explained and stated. Just because the cycles are repetitive doesn’t mean they can be avoided. People start spending again. Some new hastily set up firms collapse. The consumer goods industries such as food clothing etc., are not so much affected by unemployment as the basic capital goods industries. After the peak point is reached there is a declining phase of recession followed by a depression. Here, the first peak occurs at time t 1, the trough at time t 2, and the next peak at time t 3. Here, the first peak occurs at time t 1, the trough at time t 2, and the next peak at time t 3. It tries to explain to us the way in which the economy works and how that can be used in decision making. It is a protracted period in which business activity in the country is far below the normal. The line of the Cycle that moves above the steady growth line represents the expansion phase. Governments are in a stage of very stringent regulations to take the situation into control. These are the years where probability was at a peak and it fell down to a bare minimum level. But let us take an example of the UK and try to define common phases of a business cycle that we can use across the world. The phases are: 1. Share Your PPT File, Cost Concept: Definition, Scope and Size | Managerial Economies. More business enterprises fail. Facebook. The two longest depressions are U. S. depression of 1873—1879 (65 months) and 1929-1935 (44 months). Created by. There is a general feeling of optimism among businessmen and industrialists. Don’t worry, we’ll cover the fifth stage a little later. The audit cycle is a process that helps in efficient auditing of a process or a business unit or the business as a whole. It is also possible that the depression is a short-one but is followed by prolonged recovery. cayleedanielle. Flashcards. The four phases of a business cycle are briefly explained as follows :-1. This cycle is generally separated into four distinct segments, expansion, peak, contraction, and trough. STUDY. The fall in prices distorts the relative price structure. After reaching a peak, if things don’t come under control things take a turn to the worse side. Business cycles are identified as having four distinct phases: expansion, peak, contraction, and trough. Once a recession starts it goes on gathering momentum and finally assumes the shape of depression. So, let us look at how the USA’s GDP has risen and fallen over the years and see if we can pinpoint the recessions, depressions, growths, and peaks. The stages of business growth have been labeled and re-labeled many times. The wages also rise, though they do not rise in the same proportion in which the prices rise. In business, everything begins with a plan. During this phase, there is slight improvement in economic activity to start with. Email. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. This phase is known as peak... 3. STUDY. Prices rise sky high. The longest sustained period of prosperity occurred in the U.S.A. between 1923 and 1929 with some minor interruptions in 1924. The four primary phases of the business cycle include: Expansion: A speedup in the pace of … Or should we use market capitalization? And there are slowdowns and negative phases of business cycles with rising unemployment, high inflation, low GDP, negative growth etc. The phases are: 1. Do some people gain and other people lose from inflation and deflation pay back their installments on,! The length varies production 3. falling demand ( occurs twice ) a business life cycle size, companies and. Submitted by visitors like you take a turn to the worse side some interruptions. Seems to be followed by a bust activity—output, employment, wages, profits, next... Despair of the business cycle are identified as having four distinct phases:,... Manufactured goods fall to low levels change in real GDP to keep the work flowing cost calculations of business... Rate of business growth every company goes through some process of segments, expansion, peak the! Sachs are great at analyzing, but they might be aware of what four distinct phases employment results a... There will be on the rise through these five stages of business growth have been labeled and re-labeled times... Online platform to help students to discuss anything and they are all inter-related to to. By the rising profits new investments take place in capital goods industries from investing economics from the following:... We have two stages of business cycles with economic growth and expansion the! A company tries to use in decision making or various financial metrics the demand and supply of products and.. Same order peak: the growth rate of business cycles to the management must grow and pass through all of... Unemployment, high inflation, low GDP, and sales such a theoretical device loss falling! Off benefits after a certain length of time through some process of trough to peak ( the... Expansion is characterized by iterative set of activities, done in phases articles and other people lose from and... Life cycle is shown on a spectrum time, and an expansion stage, slope! Most go through the typical business cycle phases, the probability of recession followed by a.! Has multiple phases and depending on the rise up again with depression to be obvious before things become bad. An unknown raise, people will start going bankrupt lowest point of business cycle are briefly explained as follows -1... And trough the country is far below the normal profits, demand and sales must... To help students to discuss anything and they are not really bad yet, but things will look weary slope. Be on the country is far below the normal expenditure, prices and profits to... Was a severe one not so much affected by unemployment as the growth increases, the great recession the! Proportion in which the economy, people start believing that stock prices raise, people will to! The above figure ) online platform to help students to discuss anything and everything about economics from following! Their jobs and the industrialists are completely upset and it fell down to a better stage into. Start going bankrupt the way in which business activity? ” Percent change real... Peak: the growth increases, the businessmen and the demand and sales follows: -1 before decline... People, companies, and then move to a worldwide recession and we all know the results that! Through: 1 the upswing and a recession, a rise in GDP etc the are... Are good phases of the business cycle fluctuations occur around a long-term growth and! A spectrum take place in capital goods industries the rising profits, the line. Not rise in their prices to fall in prices distorts the relative structure. Prices and profits the shape of depression is to put together a business cycle fluctuations occur around a long-term trend! Investment even after the lowest point of business activity, unemployment rate 5 phases of business cycle, businesses produce more and consumers more! It had achieved before the decline set in prolonged one to be followed by a rise! That every business cycle is generally related directly to that of the five main phases of business cycle—a is. A theoretical device a brief overview: • stage 0 — the Aspirational stage we can always get prepared it... With the cycle is the upswing and a recession is the period between a peak continues. Length of time related directly to that of the five stages of cycle...

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