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is.
Economic growth is also a long-term expansion of the productive potential of the economy. Sustained economic growth should lead to an increase in real living standards and rising employment.
Explain the differences between an economic recession and an economic boom.
An economic recession and an economic boom are best described using the diagram of the economic cycle as shown below.
There are four important stages. The slowdown towards the recession and the recovery towards a boom.
They are both opposites to each other. A recession is a period when a country’s economy is less successful and more people become unemployed...
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