4 stages of the Business Cycle

Recession

Unemployment is high, demand is low, prices are high, and production is low (the second stage of business cycle)

Depression

Unemployment is highest, production is lowest, prices are highest, and demand is lowest. At its worse. Doesn't always happen (3rd stage of business cycle)

Boom

Unemployment is low, demand is high, prices are low, And production is high (the first phase of thw business cycle)

Recovery

Unemployment, demand, production, and prices are high (the fourth stage of business cycle)