Chapter 7
Define recession and expansion. What are the beginning and ending points of a recession called? In postwar Canada, which have been longer on average, recessions or expansions? Recession: Recession is the phase in the economy during which the economic activity declines. During this period, production, employment, income and all other economic activities falls below the normal level. A country generally experience negative economic growth during recession. Expansion- After recession, the economy slowly starts to recover and the expansion happens. Expansion is the economic period during which the country’s GDP starts to increase because of increased productivity, employment, real ...
