Submitted by admin on Fri, 04/18/2014 - 12:11
definition:
A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters
sentence:
Economic recessions are predominantly the result of insufficient demand.
As political economists have always emphasized, periodic recessions are endemic to capitalism.
difficulty:
medium
toefl frequency:
2
toefl classification: