The contraction phase of the business cycle involves economic slowdown, decreased employment, and reduced pricing pressures.
The contraction phase of the business cycle is characterized by a slowdown in economic growth, a decline in employment rates, and a decrease in pricing pressures.
During this phase, businesses may cut back on production, leading to lower consumer spending and a rise in unemployment rates.
Examples of the contraction phase include the 2008 financial crisis when businesses reduced investments and laid off employees due to economic downturn.
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