The business cycle has four phases. The peak, the recession, the trough, and the expansion. During...

The business cycle has four phases. The peak, the recession, the trough, and the expansion. During the peak phase you will see the short-term fluctuations due to changes in economic activity. If the real output declines for at least two consecutive quarters than that's when it's considered the recession phase. The lowest point is called the trough phase. The trough phase is where people feel the strain and stress of the financial burden the most. The expansion phase is where everyone begins getting selected for jobs again. The economy begins the growth process in this phase. A business cycle has two main characteristics: size and duration. One of the key characteristics of a growing economy is an increase in business investment. When firms invest in capital goods, their productivity increases. The increased productivity contributes to a rise in real GDP. At the same time, firms hire more people to work, thus increasing employment throughout the economy.

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Expert Solution

Rahul Sunny answered 2 years ago

Each business cycle has the same basic elements of peak, recession, trough, and recovery. Furthermore:

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a peak in the business cycle

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