In the 1970s We Had _____ Recessions and in the 1980s

question 152

Short Answer

In the 1970s we had _____ recessions and in the 1980s we had _____ recessions.

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Definitions:

Invisible Hand

A metaphor introduced by Adam Smith to describe how an individual's pursuit of self-interest in a free-market economy inadvertently benefits society as a whole.

Allocation of Resources

The process of allocating resources among competing uses or projects in order to achieve desired outcomes.

Poverty Rate

The percentage of the population whose family income falls below an absolute level called the poverty line.

Average Income

The total income received by a group divided by the number of people in that group.