Briefly describe the four phases of a business cycle

The first face of a business cycle is an expansion where the economy undergoes a relatively rapid growth as interest rates are usually low. There is an increase in production and a buildup of inflationary pressure. When growth hits its maximum rate, that's when the peak of cycle levels. The other phase is the peak phase. When peak cycles are reached, it creates an economic imbalance that needs to be corrected. The third phase is the contraction phase, where the correction of economic imbalance occurs as employment falls. Prices stagnate, and growth falls. The last phase is the trough phase. It occurs when the economy hits its low point, and as a result, growth begins to recover.