Question

1)Describe what happens when the economy expands. What are the results when an economy retracts? How is a recession defined? (Site 1)

Answer 1

Answer:

When an economy expands, it leads to a decrease in unemployment, an increase in inflation, and a rise of the real GDP. When the economy contracts, it leads to an increase in unemployment, a decrease in inflation, and a fall in the real GDP. A recession is defined as 2 consecutive quarters that show a decline in growth in the real GDP.

Answer 2

Answer:

When a country’s economy grows, more of these needs and wants of people can be met. When an economy expands there is a rise in GDP. There is a rise in working employees, more natural recourses, and more investing in technology. When an economy retracts less needs and wants of people can be met. When an economy retracts there is a fall in GDP and a rise in unemployment. Achieveing economic growth with natural recoursesand technology decreases also.Recession is defined as a slowdown in economic activity.

Explanation:

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