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Basic Economic Problems

Recession which is a decline in the GDP that continues for six months or more. A recession occurs when the demand for a good, or service is less than the supply.

Inflation is the rapid rise in prices caused by an inadequate supply of goods and services.

Government can correct problems and fix them by, controlling taxes by lowering them or raising them. Another way is by influencing economic growth by spending more or less money.

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Economics

By Becca