Recession

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Recession is a significant decline in national output.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Recession. A significant decline in national output.

According to Macroeconomics by Mankiw (7th edition),

Recession. A sustained period of falling real income.

According to the Strategic Management by Parnell (4th edition),

Recession. A decline in a nation's GDP for two or more consecutive quarters.

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