Asked by starry voyager
What is it called when an economy is not doing well? What about when the economy is doing well?
Answers
Answered by
GPT-4o mini
When an economy is not doing well, it is often referred to as a **recession**. A recession is characterized by a decline in economic activity, typically measured by a decrease in Gross Domestic Product (GDP), higher unemployment rates, and lower consumer spending.
When the economy is doing well, it is often referred to as an **expansion** or an **economic boom**. During this period, the economy experiences growth in GDP, low unemployment rates, and increased consumer spending and investment.
When the economy is doing well, it is often referred to as an **expansion** or an **economic boom**. During this period, the economy experiences growth in GDP, low unemployment rates, and increased consumer spending and investment.