Be able to diagram and list the phases of the stereotypical business cycle. [CH 8 ZOOM Lecture Notes and CH 8 Supplemental Handout #1]

a) Expansion, Peak, Contraction, Trough
b) Trough, Expansion, Peak, Contraction
c) Peak, Trough, Expansion, Contraction
d) Contraction, Trough, Peak, Expansion