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Represents the highest point of economic activity in a business cycle

Signifies the lowest point of economic activity in a business cycle

Characterized by increasing economic activity and growth in GDP

An economic situation characterized by very high and typically accelerating inflation

Initial stage of the expansion phase, where recovery sets in

The phase of the expansion stage where growth is consistent and stable

Initial stage of the contraction phase, where the economy starts to slow down

A period of temporary economic decline, typically identified by fall in GDP in two successive quarters

Contraction stage nearing the trough, with signs of the economy bottoming out

A combination of stagnant economic growth, high unemployment, and high inflation

A period of very fast economic growth, which is also unsustainable

A scenario where the economy slows down but does not enter a recession

Advancement towards the peak, with visible signs of an overheating economy

A severe and prolonged downturn in economic activity

Occurs when the economy begins to recover from a recession but then falls back into economic decline

The period where economic decline is clearly noticeable and ongoing

Identified by decreasing economic activity and reduction in GDP

Transition phase from contraction to expansion

A condition where loans and credit become difficult to obtain