The U.S. economy recovered from the recession quicker than every country except Germany, according to a report released by the WH economic team in 2016. The report offers a comprehensive look at the progress made since the economic crisis of 2007-08, which marked the worst recession since the Great Depression. You will need to consider answers to these questions in the essay. a. What is the business cycle? Define each of the phases of the economic business cycle. b. What is the difference between a recession and a depression? c. Are there known causes and cures for the economic business cycle? d. How did a crisis in the American housing market threaten to drag down the entire global economy? e. What did it take for U.S. economy to recover and put the economy back on track?
