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Economic cycle (Boom (Increase in infrastructure and housing, Increase in…
Economic cycle
Boom
Increase in infrastructure and housing
Increase in inflation
Increase in production of goods and services
Very high employment
Slump
Whole country slows down
High unemployment
Happens if a recession lasts too long
Lots of people leaving country
Recovery
People start spending more
Goods and services start costing less
Employment increases
Inflation starts to rise again
Recession
Cost of goods and services increase
Low amount of money being spent
Inflation reaches its peak
Unemployment rates very high