In Sequential Order, the Four Phases of the Business Cycle

question 304

Multiple Choice

In sequential order, the four phases of the business cycle are

• A) trough, peak, expansion, contraction.
• B) peak, contraction, trough, expansion.
• C) expansion, contraction, peak, trough.
• D) contraction, trough, peak, expansion.

Realize the importance of testing personal constructs against reality.

Appreciate the implications of personal construct theory for understanding human motivation and relationships.

Recognize the unique contributions and potential limitations of Kelly's theory in the broader context of cognitive psychology.

Understand the basic constructs of George Kelly's personal construct theory.

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Definitions:

Consumer Decision Making

The process by which consumers identify their needs, gather information, evaluate alternatives, and make choices regarding products and services.

Shipping Costs

Expenses involved in transporting goods from one location to another.

Bias

A tendency, inclination, or prejudice towards or against something or someone, often in a way considered to be unfair.

Anchoring

Tendency to rely heavily on one prior (suggested) piece of information when making a decision.