The four phases of business cycle are (a) peak, recession, tough, and boom. (b) peak, depression, trough, and boom. (c) peak, recession, trough, and recovery. (d) peak, depression, bust, and boom.
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The business cycle model shows the fluctuations in a nation's aggregate output and employment over time. The model shows the four phases an economy experiences over the long-run: expansion, peak, recession, and trough.
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