What is a contraction in economy?

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asked May 9, 2024 93.4k views

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Ghooti Farangi · Answer 1 · 2024-05-13T10:42:28+0000

Answer:

In a contraction, households demand fewer goods and services, businesses reduce the number of workers they employ and growth in wages and prices slows. This phase ends with a trough in economic activity.

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What is a contraction in economy?

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