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Foundations of Business (MindTap C...

6th Edition
William M. Pride + 2 others
Publisher: Cengage Learning
ISBN: 9781337386920

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BuyFindarrow_forward

Foundations of Business (MindTap C...

6th Edition
William M. Pride + 2 others
Publisher: Cengage Learning
ISBN: 9781337386920
Chapter 1.5, Problem 1CC
Textbook Problem
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What are the four phases in the typical business cycle?

Summary Introduction

To determine: The four phases in typical business cycle.

Introduction: A business cycle, additionally called monetary cycle, is a time of changing financial movement included extensions and compressions as estimated by GDP. At the end of the day, it is a timeframe where the economy develops, pinnacles and decreases. At that point the cycle rehashes itself.

Explanation of Solution

The four phases in typical business cycle are as follows:

  • Peak (or prosperity): This stage indicates the economic activities such as lesser unemployment, increase in production and starting a new business.
  • Recession: This stage indicates the economic activities such as decreased spending, increase in demand, increase in unemployment rate and decrease in productivity which leads to lesser GDP...

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