Recession and Expansions - Expansions

7 important questions on Recession and Expansions - Expansions

What is the period of economic growth above normal called?

The period of significant growth is referred to as Expansion. This results in more jobs, increased spending, and higher output.

What happens during the expansion phase of the economy?

Growth can become rapid and strong, leading to thriving businesses.

What is a boom in economic terms?

A period of unusually strong and fast economic growth occurs in the economy.
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When does a boom typically occur in the business cycle?

It usually occurs during the late stage of the expansion phase.

How does a boom affect consumer spending?

Consumer spending increases significantly during a boom period.

What is a characteristic of unemployment during a boom?

Unemployment tends to be low during a boom phase.

What comes right before the economy reaches its peak?

The economy often experiences a boom right before reaching its peak.

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