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　　1 One phase of the business cycle is the expansion phase. This phase is a twofold one, including recovery and prosperity, during the recovery period there is ever-growing expansion of existing facilities, and new facilities for production are created. More businesses are created and older ones expanded. Improvements of various kinds are made. There is an ever increasing optimism about the future of economic growth. Much capita is invested in machinery or heavy industry. More labor is employed. More raw materials are required. As one part of the economy develops. Other parts are affected. F