Final answer:
The four phases of the business cycle are Expansion, Peak, Contraction, and Trough. During expansion, the economy grows and unemployment falls, while during contraction, the economy slows, unemployment rises, and social assistance programs experience higher demand.
Step-by-step explanation:
The four phases of the business cycle are Expansion, Peak, Contraction (or Recession), and Trough. During the expansion phase, the economy experiences growth, and businesses hire more workers, leading to a decrease in unemployment. The peak is the highest point of economic activity before a downturn. After the peak, the economy enters into contraction, where economic activity slows down, unemployment increases, and programs like TANF (Temporary Assistance for Needy Families), SNAP (Supplemental Nutrition Assistance Program), and Medicaid see higher enrollment due to increased need. Finally, the trough is the lowest point of economic activity, which marks the end of the recession and the beginning of a new expansion phase.
The four phases of the business cycle are Expansion, Peak, Contraction, and Trough. During the Expansion phase, the economy is growing, businesses are expanding, and unemployment is low. The Peak phase is the highest point of economic activity before it starts to decline. The Contraction phase is characterized by a decline in economic activity, typically leading to a Trough where the economy hits its lowest point. After the trough, the cycle starts over with an expansion phase.