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In both recessions and expansions, brief reversals in economic activity may occur-a recession may include a short period of expansion followed by further decline; an expansion may include a short period of contraction followed by further growth.The Committee applies its judgment based on the above definitions of recessions and expansions and has no fixed rule to determine whether a contraction is only a short interruption of an expansion, or an expansion is only a short interruption of a contraction.Other subdivisions reflect the evolution of life; the Archean and Proterozoic are both eons, the Palaeozoic, Mesozoic and Cenozoic are eras of the Phanerozoic eon.The three million year Quaternary period, the time of recognizable humans, is too small to be visible at this scale.The geology or deep time of Earth's past has been organized into various units according to events which took place.Different spans of time on the GTS are usually marked by corresponding changes in the composition of strata which indicate major geological or paleontological events, such as mass extinctions.

Dominantly fluid planets, such as the gas giants, do not preserve their history in a comparable manner.Geologic units from the same time but different parts of the world often look different and contain different fossils, so the same time-span was historically given different names in different locales.For example, in North America, the Lower Cambrian is called the Waucoban series that is then subdivided into zones based on succession of trilobites.During a recession, a significant decline in economic activity spreads across the economy and can last from a few months to more than a year.Similarly, during an expansion, economic activity rises substantially, spreads across the economy, and usually lasts for several years.

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