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Answer
The four stages of the business cycle are; D. Prosperity, recession, depression, recovery
Explanation
The first phase of the business cycle is the prosperity phase where there is an expansion of output, income, employment, prices and profits. There is also improvement of standard of living at this stage.
The second phase is the recession phase that is characterized by being the turning point from prosperity to depression. During this phase there is slow down of economic activities and it generally lasts for a short period of time.
Depression phase is when there is contraction or downswing of economy and is characterized by decrease in volume of output, fall in income and rise in unemployment, fall in interest rate and deflation.
Recovery phase is the lower turning point in the cycle where the business recovers from depression to prosperity. It is characterized by expansion and rise in economic activities. Demand will rise, increasing production that boosts investment.
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