Recession – abrupt changes in the basic parameters of the economy; significant in volume and long-term; reduction in production and massive unemployment.
Depression (depressive bottom) is a particularly deep and prolonged recession, accompanied by significant destructive consequences for the economy (panic, collapse of the credit system, massive bankruptcies). The bottom of the cycle – the real volume of production reaches its minimum.
Revitalization – the real volume of production rises relative to the bottom of the cycle and reaches its pre-crisis level. Inventories are renewed, the process of renewal of fixed capital begins, depreciation charges are spent on more productive and technically advanced equipment.
Rise (boom) – the economy surpasses the maximum level of production in the previous cycle and strives to achieve the volumes of real gross domestic product and full employment that are potentially possible at this stage.
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