Title: Describe the phases of the business cycle.
Course: Strategic Marketing (formerly Marketing, Advanced) (12152) > Section: Understanding Economics

Description should include

- the four phases of the business cycle
- the characteristics of each phase
- how the phases affect business planning
- how businesses plan for the fluctuations of the economy
- internal and external factors that influence business cycles.

Process/Skill Questions:

- What is the role of consumer confidence in the economy? How does it relate to business cycles?
- What business cycle phase is the U.S. economy currently in? How does this phase affect the life of the individual? The national economy? The global economy?
- What is the difference between a recession and depression?
- Which businesses might continue to do well during a recession?
- Why should business owners always be monitoring economy and anticipating change in business cycle?