A relatively mild period of falling incomes and rising unemployment is called a(n) recession.
In the economic terms, a recession refers to a business cycle contraction. It refers to a period wherein the general economic activity is on a decline.
Unemployment in accordance to the OECD refers to the people who are of a certain age but are not in any kind of employment but willing to work.
It is usually measured by the unemployment rate. The period of recession witnesses a rising unemployment and falling incomes.
This period is also followed by fall in production and growth of the national incomes.
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