A prolonged economic contraction is called?

Economics Dec 18, 2020

Expert Solution

A prolonged economic contraction is often referred to as a recession. Recessions are periods of negative growth in the economic cycle. This often affects a nation's GDP, income, and consumer spending habits, as well as the cost of goods. Governments usually take steps to try to stimulate the economy to end a recession. It is important to note that a lengthy recession is often referred to as a depression given its drastic effects on a nation's economy.

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote