Question

Explain the second and third phase of expansion?

Answer 1

Explanation:

6 The peak is the second phase. It is the month when the expansion transitions into the contraction phase. The third phase is a contraction. It starts at the peak and ends at the trough.

Answer 2

An expansion is characterized by increasing employment, economic growth, and upward pressure on prices. A peak is the highest point of the business cycle, when the economy is producing at maximum allowable output, employment is at or above full employment, and inflationary pressures on prices are evident. Following a peak, the economy typically enters into a correction which is characterized by a contraction where growth slows, employment declines (unemployment increases), and pricing pressures subside. The slowing ceases at the trough and at this point the economy has hit a bottom from which the next phase of expansion and contraction will emerge.

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