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Functionally, the Two Most Closely Associated Senses Are

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Functionally, the two most closely associated senses are


Definitions:

Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, typically identified by a fall in GDP in two successive quarters.

Keynes

Pertains to John Maynard Keynes, an English economist whose theories revolutionized macroeconomic practice and government economic strategies.

Aggregate Supply

The nation’s total output of goods and services.

Depression

A severe and prolonged downturn in economic activity, characterized by significant decline in GDP, high unemployment, and deflation.

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