Question

The Great Recession, a sharp economic downturn that begun in 2008, brought high unemployment, increased business failures, and an overall drop in living standards. According to economist Joseph Schumpeter, which business cycle occurred when the economy began to stabilize and grow

Answer 1

According to Joseph Schumpeter, the stage that is described above is the Recovery stage.

What happens in the recovery stage?

• The country begins to recover from the negative economic conditions of the depression.
• Signs of stability will begin to appear.

In the recovery stage, economic activity will start to rise as there will be more production of goods and services.

Unemployment will also begin to drop as more companies hire people to produce. They will in turn increase spending which would further stimulate the economy.

In conclusion, this is the recovery stage.  

Find out more on the recovery stage at brainly.com/question/3951038.