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Amadeo, Kimberly. “The 4 Critical Stages of the Business Cycle.” The Balance, 2 Apr. 2018, www.thebalance.com/what-is-the-business-cycle-3305912.

History.com Staff. “Great Depression.” History.com, A&E Television Networks, 2009, www.history.com/topics/great-depression.

Moffatt, Mike. “The 4 Phases of the Business Cycle.” ThoughtCo, 26 Apr. 2018, www.thoughtco.com/phases-of-the-business-cycle-1146345.

Segal, Troy. “What Is the Difference between Inflation and Deflation?” Investopedia, Investopedia, 16 Mar. 2018, www.investopedia.com/ask/answers/111414/what-difference-between-inflation-and-deflation.asp.

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The Great Depression happened in the 1930's. The stock market crashed in October of 1929. Many investors were plunged into debt. The gold standard, a system of fixed currency exchange helped to drag other countries into the depression. People were plunged into poverty as they panicked and pulled their money out of the bank thus causing bank runs and ruining the economy. The GDP plummeted since less consumers were buying. The unemployment rose and at the worst point the unemployment rate was 25%. Deflation occurred and helped to deliver devastating blows to the economy. People were living in poverty and even mothers were selling their kids because they could no longer support them financially. The economy began to recover somewhat due to the FDR's New Deal, but didn't really recover until the beginning of World War II

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Inflation is when prices increase, but the actual value of money decreases. This means a gallon of milk will increase to $5.00 but with that $5.00 you previously could have bought 2 gallons of milk. Inflation typically occurs in prosperity. Deflation is when the price of goods and services declines and the actual value of money increases. This typically happens in recession and depressions. For example, during the great depression, people would do something for you for a very small amount of money because they were desperate this meant you could buy more with the money you had.

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To learn more about the business cycle visit this video

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The business cycle | Aggregate demand and aggregate supply | Macroeconomics | Khan Academy

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Definition: the end of the recession

During recovery, the economy begins to heal. Unemployment rates start to decrease and demand for good services go up. The GDP also increases now that consumers are beginning to buy things again. This leads the economy towards prosperity.

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Definition: a severe economic recession

During a depression, the economy is in bad shape, even worse than a recession. There's very high unemployment, weak consumer sales because no one can afford to buy things and companies can't afford to make them, the GDP falls rapidly as a result and this leads business to fail and worsen the state of the economy.

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Definition : when the economy slows down

During an economic recession, the economy starts to slow down. The GDP, demand for goods and services, and production decreases. Unemployment and bankruptcies rise. This has what is called a ripple effect. For example, if fewer cars are being bought, that means not only does the company making the cars need to lower production and lay off workers, but the companies that provide the materials do too because the company making the cars isn't buying as much of their goods.

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Definition: an economic peak

During prosperity, the economy is doing very well. Most people are working, causing unemployment to decrease. The more people in jobs means the more people who are buying goods and services and contributing to the GDP (Gross Domestic Product). Wages are good and everyone is benefiting, however this stage doesn't last forever