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    Explain inflation, stagflation, recession, depression

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    Inflation, stagflation, recession, depression, expansion, and contraction are commonly used terms in economics and the media. What do these terms mean and how are some of these terms related?

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    Inflation- increase of price level in an economic over a period of time

    stagflation - the situation where both inflation and unemployment rate is high

    recession - a period of the business cycle where there is a slowdown of economic activity.

    depression - an extreme case of recession that lasts for ...

    Solution Summary

    Explain inflation, stagflation, recession, depression, expansion, and contraction