Question

Name two type of business cycle

Answer 1

Answer:

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Answer 2

In Macroeconomics,the term Business Cycle refers to fluctuations or modifications in various components of the economy such as production,consumption,business/capital investment,trade activities and other general economic activities.

Explanation:

The periodic fluctuations of business cycle can be commonly reflected by changes in the Gross Domestic Level(GDP) level of the economy or the country.Business Cycle can be characterized by several periodic phases such as expansion,contraction,peak,trough,depression,recession etc.

Now,expansion in business cycle is an economic phase described by rise or increase in the GDP level of the economy or economic growth/prosperity.It is a phase characterized by high levels of economic activity such as high production,consumption demand,business growth,employment level,capital investment and so on.

A peak is a stage in business cycle when the economy has achieved highest possible growth level with highest level of GDP or output level,maximum or full employment accompanied by a potential inflationary impact.Peak is the best possible phase in business cycle followed by an expected or usual contraction.