What is the best definition of the term recession?
1. a time when net imports are greater than net exports
2. a period of decline in overall income and employment
3. a time when GDP per capita rises overall
4. a period of heightened government spending
2. a period of decline in overall income and employment
This is the best definition of a recession, as it captures the key characteristics of an economic downturn, including a decrease in income and job opportunities.