What are the four parts to a business cycle?

There are two phases

a. Expansion

1. Time in which real GDP rises and unemployment declines.
2. sometimes called recovery.

b. Contraction

1. Time in which real GDP declines and unemployment rises.
2. Recession- six consecutive months of decrease.

1. A "severe recession" is called a depressor..
2. No official definition of sever (length and depth).