What you’ll learn to do: identify and explain the four stages of an economy (expansion, peak, contraction, and trough), and describe their impact on business operations

Spring, summer, fall and winter: the four seasons of the year. Expansion, peak, contraction, trough: the four seasons of an economy. In this next section you’ll learn about the cyclical nature of economies and how each of these “seasons” affects business operations.

The specific things you’ll learn in this section include:

• Explain the business cycle
• Differentiate between expansion, recession, and depression