Asked by Alice Young on Jun 07, 2024
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The classicals said that recessions are _____ because the economy is ____.
Recessions
Temporary economic slumps marked by diminished business and manufacturing activities, conventionally defined by a sequential fall in GDP during two quarters.
Economy
The economy encompasses all activity related to production, consumption, and trade of goods and services in an area, involving various sectors such as agriculture, manufacturing, and services.
- Explain the mechanisms of market self-correction as proposed by classical economists.
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Learning Objectives
- Explain the mechanisms of market self-correction as proposed by classical economists.
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