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The Four Phases of the Business Cycle
Transcript of The Four Phases of the Business Cycle
are in a business cycle. The
business cycle has many ups
and downs and will continue to
have those bumps. However, we
need to make the best of them to get by. These are the four
phases of the business cycle. Recovery is defined as the turning point from depression to expansion. In this phase, the economy is expected to expand and rise in it's economic activities. There is an increase in employment, production, income and aggregate demand, prices and profits start rising, and business expands. Recovery slowly emerges into prosperity, and the business cycle is repeated. The Four Phases of the
Business Cycle Defined as expansion or boom or upswing of economy. This is when the economy is at it's peak; it also raises the standard of living. Some of the traits of prosperity are: high level of output and trade, high level of effective demand, high level of income and employment, rising interest rates, and inflation. Recession is defined as the turning point from prosperity to depression. During the recession period, economic activities slow down. This causes for a decline in output, income, employment, prices and profits. Recession is normally a short period of time. Depression is defined as a contraction or downswing of the economy. When a country is in the depression phase, it is at the lowest point of it's economy. Some of the features of depression are: a fall in volume of output and trade, a fall in income and rise in unemployment, a decline in consumption and demand, and deflation. By: Iman Virani Phases of the Business Cycle