Recession: Every economy faces different business cycles at different points of time. Recession is one such business cycle. During recession there is huge unemployment and fall in production of goods and services. Recession slows down the business activities. The main reason for such phenomenon is the lack of demand and low investment level. When the recession is for a longer duration it is known as depression. Unemployment rate: It is defined as the rate of unemployed people in an economy. All those people who are willing to work at given wages but cannot find jobs are known as the unemployed. It is the ratio of unemployed to that of labor force in the economy.

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Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 31, Problem 8P

To determine

Concept Introduction:

Recession: Every economy faces different business cycles at different points of time. Recession is one such business cycle. During recession there is huge unemployment and fall in production of goods and services. Recession slows down the business activities.
The main reason for such phenomenon is the lack of demand and low investment level. When the recession is for a longer duration it is known as depression.

Unemployment rate: It is defined as the rate of unemployed people in an economy. All those people who are willing to work at given wages but cannot find jobs are known as the unemployed. It is the ratio of unemployed to that of labor force in the economy.

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Answer 2

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Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 31, Problem 8P

To determine

Concept Introduction:

Recession: Every economy faces different business cycles at different points of time. Recession is one such business cycle. During recession there is huge unemployment and fall in production of goods and services. Recession slows down the business activities.
The main reason for such phenomenon is the lack of demand and low investment level. When the recession is for a longer duration it is known as depression.

Unemployment rate: It is defined as the rate of unemployed people in an economy. All those people who are willing to work at given wages but cannot find jobs are known as the unemployed. It is the ratio of unemployed to that of labor force in the economy.

Expert Solution & Answer

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Answer 3

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 31, Problem 8P

To determine

Concept Introduction:

Recession: Every economy faces different business cycles at different points of time. Recession is one such business cycle. During recession there is huge unemployment and fall in production of goods and services. Recession slows down the business activities.
The main reason for such phenomenon is the lack of demand and low investment level. When the recession is for a longer duration it is known as depression.

Unemployment rate: It is defined as the rate of unemployed people in an economy. All those people who are willing to work at given wages but cannot find jobs are known as the unemployed. It is the ratio of unemployed to that of labor force in the economy.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 31, Problem 8P

To determine