A general economic slowdown is called the recession. It is the third phrase of the business cycle that indicate the there is the declining in then economy.
Recession is the third phrase of the business cycle, it is also called the contraction. This phrase is coming after the peak condition of the economy.
After the phrase of recession, There is the last phrase called the trough, which is the very bad economic condition that indicated that there is more supply than demand, means there is the excess supply.
Therefore, the recession indicates the economic slowdown, this arises when the consumer realizes their savings.
Learn more about the business cycle, refer to:
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Answer:
First Answer: B. recession
Second Answer: B. bad loans made in the housing market
