4 Phases of a Business Cycle
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Phase 2 Boom; economic activity at peek
1. Businesses working and selling at full capacity
Phase 4 Recession
1. Production at its lowest point 2. High unemployment 3. Reduce spending on goods and services
Phase 3 Economy starts to slow down
1. people are buying less goods and services 2.businesses are cutting back production and laying off workers 3. may be forced out of business
Phase 1 General Prosperity;economy going up,
1.people buy more goods and services 2.businesses provide more goods and services and hire more employees.
What is a business cycle?
The up and the downs