ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An economic cycle, which is also referred to as a business cycle, has four stages: expansion, peak, contraction, and trough.

Detailed explanation-2: -There are four stages in an economic recovery that are distinct and interrelated. They are known as expansion, peak, contraction, and trough.

Detailed explanation-3: -An economic recovery is the phase of the business cycle that follows a recession.

Detailed explanation-4: -A boom is a period of strong economic expansion where many businesses are operating at full capacity or above capacity, and the unemployment rate is very low. Income and production are at very high levels. This can lead to rapid growth in prices.