Adjective modifier

• last: Given these developments, small businesses should be somewhat less vulnerable to a downturn in the economy than in the last business cycle.

Modifies a noun

• condition: We find that a marginal increase in compensation reduces the escape rate from unemployment significantly, irrespective of business cycle conditions and spell duration.

Noun used with modifier

• life: From this he has first hand experience of the key areas of the business continuity life cycle and using plans in anger.

• continuity: From this he has first hand experience of the key areas of the business continuity life cycle and using plans in anger.