Description should include the four phases of the business cycle (i.e., prosperity, recession, depression, recovery) and the characteristics of each phase.
Process/Skill Questions:
- How does government attempt to affect business cycles?
- How can a country’s business cycle affect international trade?
- How is the standard of living affected by a country’s business cycle?
- What is the role of consumer confidence in the economy?
- Which business cycle phase is the U.S. (or other selected country's) economy currently experiencing? What are the effects on business? On consumers?
- What is the effect on the global marketplace when a country’s economic situation stays in one cycle for a prolonged period?