4 stages of the Business Cycle
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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)
