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Constructive and professional response to the following? The four phases of the business cycle are: peak, recession, trough, and expansion. During the peak phase the

Constructive and professional response to the following?

The four phases of the business cycle are: peak, recession, trough, and expansion. During the peak phase the real GDP is at its highest, and unemployment is at its highest. The recession is when the there is a decline in the need for goods and services. That being said the recession is the lowest point of the business cycle. The trough is the end point of the recession, being more of a recovery phase. The expansion phase is when everything increases like unemployment and the need and sales of goods and services.

Three types of unemployment are: cyclical, frictional, structural. Frictional is the shorter unemployment of the three in most cases because it is someone looking or waiting for a certain kind of job. Cyclical unemployment are the worker affected by the changes in the business cycle. Structural unemployment can last longer than the other types of unemployment and can even cause some to move looking for new types of jobs. Structural is someone who has been at a certain kind of job and have to find a new job doing the same but often is at a lower pay rate, so they tend to have to learn new skills. Recession can cause a decrease in employment and unemployment. A struggling economy will have a high unemployment rate because people are not purchasing goods and services due to their struggles and this effects whether some may be laid off or even jobs not hiring.

The unemployment rate for Missouri in December of 2021was 3.3%("Data and Statistics," 2021) with 28,693 claims being filed. The job market in my area is already kind of low because there are not many choices, I live out in the country. However, you always hear how everyone is short staffed and struggling since Corona but when my daughter was looking for a job in the past year it was a struggle for her to find something. She wasn't even applying for one particular type of job, and it was still a struggle for her to find a job. She eventually got a job at a local bank.

Resource: Data and Statistics. (2021).https://labor.mo.gov/data

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