A phase in the business cycle in which the decline in the economy's real GDP persists for at least half a year is known as:

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A recession is a phase in the business cycle in which the decline in real GDP persists for at least two consecutive quarters or six months. A depression is a severe and prolonged recession characterized by a sharp decline in economic activity, high unemployment, and an overall drop in business and consumer confidence. A downtick is a term used in stock market trading to indicate a drop in stock prices, and disequilibrium refers to a situation in which demand and supply are not in balance, resulting in market inefficiencies.

A Phase in the Business Cycle in Which the Decline