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The period of low economic activity and rising unemployment is often referred to as a recession. One notable example is the Great Recession, which began in late 2007 and lasted until mid-2009, triggered by the housing market collapse and financial crisis. During this time, many businesses closed or downsized, leading to significant job losses and a decline in consumer spending. Other recessions, such as the one caused by the COVID-19 pandemic in 2020, also resulted in similar economic conditions.
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Which of these describes the economic recovery period in the business cycle?
Economic activity is rising above the point of the previous peak.
What is a period of low economic activity and rising unemployment called?
If it's a short downturn or slowdown during a business cycle, it's a recession. If it's a longer, sustained and more severe downturn, it's a depression.
What's the difference between a recession and inflation?
A recession is a period of economic decline marked by a decrease in economic activity, such as a drop in GDP and rising unemployment. Inflation, on the other hand, is the general increase in prices of goods and services over time, leading to a decrease in the purchasing power of money.
What do you call the period of time when the economy is shrinking?
The period of time when the economy is shrinking is called a recession. During a recession, economic activity declines, leading to reduced consumer spending, rising unemployment, and lower production levels. This phase is typically characterized by a drop in gross domestic product (GDP) for two consecutive quarters.
Stagfation was an economic term referring to?
Stagflation was an economic condition in which unemployment was high, the economy was stagnant, but prices were rising (inflation).
Is a period of low economic activity and rising unemployment?
economic depression
Which of these describes the economic recovery period in the business cycle?
Economic activity is rising above the point of the previous peak.
What is a period of low economic activity and rising unemployment called?
If it's a short downturn or slowdown during a business cycle, it's a recession. If it's a longer, sustained and more severe downturn, it's a depression.
What's the difference between a recession and inflation?
A recession is a period of economic decline marked by a decrease in economic activity, such as a drop in GDP and rising unemployment. Inflation, on the other hand, is the general increase in prices of goods and services over time, leading to a decrease in the purchasing power of money.
What do you call the period of time when the economy is shrinking?
The period of time when the economy is shrinking is called a recession. During a recession, economic activity declines, leading to reduced consumer spending, rising unemployment, and lower production levels. This phase is typically characterized by a drop in gross domestic product (GDP) for two consecutive quarters.
Stagfation was an economic term referring to?
Stagflation was an economic condition in which unemployment was high, the economy was stagnant, but prices were rising (inflation).
A period of rising GDP is known as?
an Economic Expansion
What was traditionally Mexico important economic activity?
Mining and livestock rising.
What is a period of rising economic growth and increasing employment.?
Recovery
What is the period of rising after an economic condition have been in recession?
Recovery.
What describes a boom-period?
A boom period refers to a time of rapid economic growth and expansion, marked by increasing productivity, rising consumer confidence, high levels of investment, and overall optimism in the market. This period is characterized by low unemployment, high levels of consumer spending, and a general increase in business activity.
What is the likely result of deflation a. economic growth b. high unemployment c. rising prices d. high tax rates?
b. high unemployment
