Question

What is the type of economy: traditional-free market - command or mixed. And what is the place in the business cycle: prosperity- recovery- recession or depression

Answer 1

The four stages of the economic cycle are also referred to as the business cycle. These four stages are expansion, peak, contraction, and trough. During the expansion phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build