standard of living
transition.
The tide
industrial revolution
In the 1700s,Europeans went through a great change where more goods were produced by machines than by hand. TEEHEE im smart.;p
It is called a recession. If it lasts longer than three of four years it is called a depression.
During an expansionary period/phase, an economy grows. In a contractionary period/phase, an economy declines/retracts until it begins to grow again.
It is called a mixed economy.
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.
Economy needed to change.
Recession means the period of reduction in trade and commerce in the economy.
mixed economy
mixed economy