The period of growth from the level of the previous peak to a new peak in Real GDP is called a

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The period of growth from the level of the previous peak to a new peak in Real GDP is called an expansion. This is when the economy is experiencing growth, low unemployment rates, and rising incomes. A recession is the opposite, where there is a decline in economic activity and negative growth. A recovery refers to the period of time after a recession where the economy begins to grow again, but has not yet reached its previous peak.

The Period of Growth from the Level of the Previous