The phases of expansion and contraction in economic activity are called the... Federal Poverty Level Interest Rate Stock Exchange Business Cycle

## Step 1<br />The question is asking for the term that describes the phases of expansion and contraction in economic activity. The options provided are Federal Poverty Level, Interest Rate, Stock Exchange, and Business Cycle.<br /><br />## Step 2<br />The Federal Poverty Level is a measure of income used to determine eligibility for certain federal programs. It does not describe the phases of economic activity.<br /><br />## Step 3<br />Interest Rate is the amount charged by lenders to borrowers for the use of money. It is not a term that describes the phases of economic activity.<br /><br />## Step 4<br />Stock Exchange is a marketplace where people buy and sell shares of stock. It is not a term that describes the phases of economic activity.<br /><br />## Step 5<br />Business Cycle is the term that describes the phases of expansion and contraction in economic activity. It includes periods of economic growth (expansion) and periods of economic decline (contraction).