Answer :
Final answer:
The economy is in the Expansion phase when it is growing but has yet to reach its peak. The three main macroeconomic goals are economic growth, low unemployment, and low inflation. Together, these concepts are essential for evaluating economic health.
Explanation:
Understanding Business Cycles and Macroeconomic Goals
The business cycle includes various phases that describe the fluctuation of the economy's activity measured by real GDP. In your question, when the economy is growing but has not yet reached the highest point (Peak), this phase is termed Expansion (Option C). During this phase, real GDP rises as the economy improves, leading to increased consumer spending, investment, and employment levels.
As for the three primary macroeconomic goals of any economic system, they are:
- Economic Growth: This refers to the increase in the production of goods and services over time, generally measured as the percentage increase in real GDP.
- Low Unemployment: This goal aims to achieve maximum job availability for those capable and willing to work, thereby reducing the levels of unemployment in the economy.
- Low Inflation: This involves maintaining stable prices in the economy to preserve purchasing power and prevent the negative effects of inflation.
These goals play a critical role in determining the overall health and performance of an economic system.
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