Title: Illustrate the phases of the business cycle.
Course: Principles of Business and Marketing (12051-18) > Section: Understanding the Role of Economics in a Global Economy

Illustration should include

- a definition of business cycle
- the four phases of the business cycle

  - expansion (recovery)—rise in demand, causing a steady increase in production, income, employment, prices, and profits
  - peak (prosperity)—high demand, causing a sustained high level of production, income, employment, prices, and profits
  - contraction—falling demand, causing a steady decline in production, income, employment, prices, and profits
  - trough—low demand, causing a sustained low level of production, income, employment, prices, and profits.