Respond to the following in a minimum of 175 words:

The business cycle represents the short-term changes experienced in the economy due to changes in levels of economic activity.

• Summarize the 4 different phases of the business cycle.
• Offer real-life events that you've experienced or researched,as examples for 1 to 2 phases of your choice.
• Share the impact that you, your company, or others around you experienced.
• Based on that impact, what corrective action(s) should be taken?