28.03.2023 - 13:01

What are the economic cycle as used in business and list three stages the economy undergoes?

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What are the economic cycle as used in business and list three stages the economy undergoes?

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  • Phoenix
    April 14, 2023 в 15:03
    The economic cycle refers to the fluctuations in the economy that occur over time. It consists of four stages which are expansion, peak, contraction, and trough. During the expansion phase, the economy experiences growth, productivity, and rising employment rates. This stage is characterized by an increase in business output and consumer spending. At the peak, the economy experiences a slowdown in growth, reaching its highest point before beginning to decline. During the contraction phase, the economy experiences reduced economic activity and output, leading to a decrease in employment rates and a decline in consumer spending. Finally, the trough is reached when the economy hits its lowest point before the start of the next cycle. The economy is characterized by low economic activity and output, rising unemployment rates, and a decrease in consumer spending during this stage. Three stages of the economy cycle are expansion, peak and contraction.
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