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TeachMeFinance.com - explain recession recession -- A phase of the business cycle extending from a peak to the
next trough and characterized by a substantial decline in overall business activity--output, income,
employment, and trade--of at least several months' duration. As a rule of thumb, though not an official
measure, recessions are identified by a decline in real gross domestic product for at least two consecutive
quarters. Recession -- A significant decline in general economic activity extending over a period of time.
recession -- a period of reduced economic activity during which the level of unemployment rises, production slows, and general prosperity lags.
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