New Course
Concept
Economic Contraction
Summary
Economic contraction
is a phase in the
business cycle
where there is a decline in
national output
as measured by GDP, leading to
reduced economic activity
and potentially
increased unemployment
. It often results from
decreased consumer spending
, investment, or
government expenditure
, and can be triggered by
external shocks
,
policy changes
, or
financial crises
.
Relevant Degrees
Economic Theory and Concepts 60%
Economic Planning and Policy 30%
Trade and Global Economy 10%
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