Answer:
1. when an economy expands, there is generally a period of prosperity and growth, see in a trend of business, increase in population, and employment, which in turn increases the incomes of households. Example: high GDP, increased unemployment, income growth.
2. Drop in household incomes, decreased per capita income, higher rates of unemployment, the likelihood of a recession.
3. It is defined as a sustained, significant period of weak growth in GDP, economic decline, and soaring unemployment rate.
Explanation:
