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Brenda's community is suffering as the primary employer has shut down and all workers were laid off. In addition, the price level has increased significantly. This economic condition is known as ________.

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22-07-2024
Social Studies

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Type the correct answer in the box. Spell the word correctly.

Brenda's community is suffering as the primary employer has shut down and all workers were laid off. In addition, the price level has increased significantly. This economic condition is known as ________.

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-07-22T11:06:37-04:00

Final answer:

The economic condition described is a recession, characterized by decreased production, rising unemployment, and stagnant wage growth.

Explanation:

Recession is the economic condition described in the given scenario where Brenda's community is suffering due to the closure of the primary employer leading to mass layoffs, accompanied by a significant increase in the price level. During a recession, there is a decrease in the production of goods and services, rising unemployment rates, and limited wage growth for those still employed.

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Final answer:

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