identifying stages in the business cycle\nthe business cycle\nwhich point marks a peak?\nwhich point marks a…

Explanation:

Step1: Define peak

A peak is the highest - point of economic output in the business cycle. In the graph, point 2 has the highest economic output value among all points.

Step2: Define trough

A trough is the lowest - point of economic output. Point 4 is the lowest point on the curve.

Step3: Define recession

A recession is a period of declining economic output. As the curve is going down from point 2 to point 4, point 3 is in the declining phase, so it represents a recession.

Step4: Define recovery

Recovery is a period of increasing economic output after a trough. Point 5 comes after the trough (point 4) and the economic output is increasing, so it represents a recovery.

Answer:

Which point marks a peak? 2 Which point marks a trough? 4 Which point marks a recession? 3 Which point marks a recovery? 5