Final answer:
Widespread unemployment and home foreclosures are examples of economic recession, characterized by a decline in economic activity, high unemployment rates, and financial hardships.
Step-by-step explanation:
Widespread Unemployment and Home Foreclosures
Widespread unemployment and massive, nationwide home foreclosures are examples of economic recession. During a recession, the economy experiences a significant decline in economic activity, leading to high unemployment rates and financial hardships for individuals and businesses.
For example, during the Great Recession in the late 2000s, many people lost their jobs, and as a result, were unable to make mortgage payments, leading to a surge in home foreclosures nationwide.
Economic recessions are characterized by a contraction of the economy, lower consumer spending, and reduced business activity.