Economic Growth-boom and recession 0.0 / 5 ? EconomicsEconomic GrowthASEdexcel Created by: megmbrown99Created on: 02-03-16 19:21 Boom A period when the rate of growth of real GDP is fast and higher than its long-term trend 1 of 5 Slowdown A weakening of the rate of growth, real GDP is still rising, but at a slower rate 2 of 5 Recession A period of at least 6 months when an economy suffers a fall in output 3 of 5 Recovery A phase in the cycle, after the recession/depression during which real GDP starts to increase and unemploymnet begins to fall 4 of 5 Depression A prolonged downturn in the economy where a nations GDP falls by at least 10% 5 of 5
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