Peak - This is when growth has hit its maximum rate. Prices are stabilized and would be short term until it reverses downward. Recession - This is when growth is slowing, and unemployment rates are rising. This would be a decrease in real GDP for two consecutive quarters or six months. Demand would be decreasing. If this lasts for an extended period of time it could be considered a depression. Covid would be an example of a time when I have experienced this part of the business cycle. This had a large impact to the company I worked for and many others. This was a tough journey to navigate through due to the restrictions and increased cost of doing business. Trough - This part of the cycle would be the lowest point. Supply and demand would be at the bottom before a recovery starts. The actions that should take place at this stage would be to restructure business and make the necessary changes to work through this part of the cycle. Expansion - This part of the cycle would be when the economy is growing rapidly. Employment would be rising