An S-shaped curve captioned 'Logistic Growth' is plotted between 'Time' in x-axis and 'Number of Organisms' in y-axis. A dotted line captioned 'Carrying capacity' is plotted from y-axis parallel to x-axis to intersect the end and zig-zag portion of the graph. The three phases of growth are captioned as:

1. Phase I: Population grows rapidly (flatter end of the s-curve)
2. Phase II: Growth slows (steeper end of the s-curve)
3. Phase III: Growth stops; population stabilizes at carrying capacity (flatter end of the s-curve).