5 Main Phases of Business Cycle | Managerial Economics
The following points highlight the five main phases of business cycle. The phases are: 1. Depression 2. Recovery or Revival 3. Prosperity or Full Employment 4. Boom or Overfull Employment 5. Recession. Business Cycle Phase # 1. Depression: This constitutes the first stage of a business cycle. It is a protracted period in which business activity in the country is [...]