When fewer goods are produced,workers are laid off,credit becomes difficult to obtain,and people cut back on their purchases even more,fearing unemployment.Eventually this produces a distrust of the economy,resulting in______________,which is a decline in an economy's total production that lasts six months or longer.

Question

Quizplus · Accepted Answer

A recession is defined as a decline in an economy's total production that lasts six months or longer, characterized by reduced consumer spending, increased unemployment, and decreased industrial production.

When Fewer Goods Are Produced,workers Are Laid Off,credit Becomes Difficult