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2. Follows recession. GDP growth rises slowly at first, and then gathers pace. If it then growth faster, it may lead to a boom

  • Downturn
  • Boom
  • Recovery
  • Recession

3. The total household spending on goods and services

  • Cost-push inflation
  • Consumption
  • Aggregate supply
  • Aggregate demand

4. Occurs when there are at least two consecutive quarters of negative growth in GDP

  • Recovery
  • Recession
  • Boom
  • Downturn

5. Reduce production costs for all businesses in the industry

  • Market orientation
  • External economies of scale
  • Diseconomies of scale
  • Cost-push inflation

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