A period of decline in total output,income,employment,and trade,lasting six months or longer,is one definition of a

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A recession is defined as a period of decline in total output, income, employment, and trade lasting six months or longer. A trough is a specific point within a recession where the economy begins to recover. Business cycle refers to the repeated pattern of growth and contraction in the economy. Secular trend describes the long-term trend in the economy, while deflationary phase refers to a period of declining prices in the economy.

A Period of Decline in Total Output,income,employment,and Trade,lasting Six Months