Question

Describe what happens when the economy expands. What are the results when an economy retracts? How is a recession defined? EXAMPLE IN SENTENCE and plz don't give links cause they really don't work plz and thank all of y'all

Answer 1

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: