The business cycle consists of four phases: Expansion, Peak, Contraction, and Trough.
Expansion: This phase is characterized by increasing employment, economic growth, and upward pressure on prices.
Peak: This stage occurs when the economy is producing at its maximum, employment is high, and prices are inflated.
Contraction: During this period, growth slows, unemployment rises, and pricing pressures decrease.
Trough: This marks the bottom point before the next phase of expansion and contraction begins.
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