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Recession- A significant decline in activity regarding the economy. A recession usually declines such matters as employment, industrial production, real income, and wholesale-retail trade. A recession is measured in two consecutive terms of negative economic growth by the country's gross domestic product.

Recovery- The period, after a recession, of growth due primarily to the utilization of economic capacity which became idle during the recession.

Expansion- The period of economic growth after a recovery in which the increase of GDP is due to increases of productivity and addition of new economic capacity, rather than utilization of idle capacity.

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