Identify and Give the Historical Significance of Each of the Following

question 29

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Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-Indian freedom

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Definitions:

Recession

A notable decrease in economic performance affecting the whole economy for an extended period beyond just several months, often observed in indicators such as real GDP, actual income, employment levels, production in industries, and sales in both wholesale and retail sectors.

Progressive Tax

A tax system in which the tax rate increases as the taxable amount increases, placing a higher financial burden on wealthier individuals.

Business Cycle

The fluctuating levels of economic activity in an economy over a period, characterized by expansion, peak, recession, and recovery phases.

Taxes Paid

Taxes paid refer to the monetary contributions levied by the government on individuals, corporations, and other entities, based on income, property, sales, and other activities.