12. A period of temporary economic decline during which trade and industrial activity are reduced generally identified by a fall in gross domestic product (GDP) Recession Market economy

The correct answer is Recession.<br /><br />A recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in gross domestic product (GDP). It is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.