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Prosperity Phase
A stage of the business cycle in which economic activity is growing, leading to higher levels of employment, income, and production.
Recession Phase
is a period of temporary economic decline during which trade and industrial activities are reduced, typically identified by a fall in GDP in two successive quarters.
Recovery Phase
A stage in the economic cycle where activity begins to increase again after a period of recession or depression, marked by rises in employment, consumer spending, and production.
Business Cycle
The cyclic phenomenon of economic expansion and contraction experienced by an economy over time.
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