1. Peak: the highest point for GDP, it exhibits the greatest spending and lowest unemployment.
2. Expansion: this is also known as an economic recovery. It is where you have the real GDP increasing which is caused by an increase in spending and a decrease in unemployment.
3. Contraction/Recession: this is the stage where the real GDP declines for six months due to a reduction in spending and an increase in unemployment.
4. TRough: the lowest point of real GDP, it exhibits the least amount of spending and highest amount of unemployed.
below is a picture that explains the different stages:
The video you added to this blog is very helpful. However, I found this video on Khan Academy explaining Business Cycles https://www.khanacademy.org/economics-finance-domain/macroeconomics/aggregate-supply-demand-topic/business-cycle-tutorial/v/the-business-cycle. You should watch!
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