When scheduling a New Event, you can a recurrence for daily, weekly, monthly, or yearly.  All New Events default to only one instance on your Calendar.

Daily: Set to every 'x' amount of days, or every day.

Weekly: Set to every 'x' amount of weeks, and choice of weekdays.

Monthly: Set certain numbered day of the month, or specific month location (i.e. Second Saturday of each month)

Yearly: Set the day or weekday location of the following year.

All recurring events can be configured to have no end date, or end on or after a certain date.