BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -When an economy enters into contraction, real gross domestic product (GDP) growth slows and unemployment rises. A contraction often leads to economic hardship for many people.

Detailed explanation-2: -Wars and pandemics are two situations that can make consumer trends unpredictable in the short, medium and long term, thus generating economic uncertainty. Because businesses and people hold off on spending and investment decisions, economic activity declines.

Detailed explanation-3: -A recession can be defined as a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate.

Detailed explanation-4: -A contraction is a period when economic output declines. During this phase, the economy is producing fewer goods and services than it did before. When fewer goods and services are produced, fewer resources are used by firms-including labor.

Detailed explanation-5: -Expansion is the phase of the business cycle where real gross domestic product (GDP) grows for two or more consecutive quarters, moving from a trough to a peak. Expansion is typically accompanied by a rise in employment, consumer confidence, and equity markets and is also referred to as an economic recovery.