Question

Please determine which economic feature is described by the statements below. A __________ occurs as the result of a significant decline in national output. If such a decline goes on for an especially long time, the period will be considered a __________. A __________ is the highest point before output decline, while the lowest point during the decline is known as a business or economic __________.

Answer 1

1. Recession

2. Depression

3. Peak

4.Trough

Step-by-step explanation:

Answer 2

Answer: Recession; Depression; Peak ; Trough

Step-by-step explanation:

The business cycle is the short-term movement of the economy as it goes in and out of recession.

A recession is the significant decline in the national output. Die to recession, there are less consumption by consumers and this negatively affects the national output.

A depression is a lengthy and deep decline in the output of an economy. When there's a long time contractions in economic activities, depression has taken place.

A peak is the highest point of output before the start of a recession. It is when growth and reached its maximum rate in an economy.

Trough is the lowest point of output when there is a recession. It is the lowest point when there's a decline in economic activities.