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Recession
A transient phase of declining economic performance, with diminished trade and industrial production, often determined by a sequential fall in GDP for two quarters.
Economic Growth
An increase in the productive capacity of an economy, often measured by the rise in real GDP over a period of time.
Decision-Making Processes
Processes through which individuals or organizations make choices among alternative courses of action to achieve their objectives.
Scarcity
A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of prioritizing resource allocation.
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