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| | Business Cycle Expansions and Contractions |
 | | Rather, a recession is a period of significant decline in total output, income, employment, and trade, usually lasting from six months to a year, and marked by widespread contractions in many sectors of the economy. |
 | | A growth recession is a recurring period of slow growth in total output, income, employment, and trade, usually lasting a year or more. |
 | | A depression is a recession that is major in both scale and duration. |
| www.nber.org /cycles.html (429 words) |
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