recession
Definition:
The phase of the business cycle during which increasing unemployment reduced disposable incomes and buying power which results in reduced demand and further increases in unemployment and a deepening of the recession.
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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].