Q 1st part Describe the four phases of the classical business cycle
2nd part Explaining how employment is typically affected during each phase? do 2nd part connecting with part one
I got the first part I want Dear Sir/Madam please help me explain part 2 by using my first part thanks
Expansion: A speedup in the pace of economic activity defined by high growth, low
Peak: The upper turning point of a business cycle and the point at which expansion turns into contraction.
Contraction: A slowdown in the pace of economic activity defined by low or stagnant growth, high unemployment, and declining prices. It is the period from peak to trough.
Trough: The lowest turning point of a business cycle in which a contraction turns into an expansion. This turning point is also called Recovery.
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