The two extreme phases of a business cycle are called: boom and bust rise and fall inflation and unemployment growth and recovery

##Step 1: Identifying Extreme Phases<br />###The business cycle oscillates between a high point and a low point. The high point is called the peak, and the low point is called the trough. These represent the two extremes.<br />##Step 2: Matching with Terminology<br />###The terms "boom" and "bust" correspond to the peak and trough, respectively, representing the highest and lowest points of economic activity.<br /><br />#