Suppose that Georgiania was a thriving empire in its golden age. Business was booming and it was the center of international trade under the leadership of Emperor Raphael III. His empire's pride and joy was the trading of green and black tea, and he decreed that their entire economy should be built around it. However, in the mid 1800s, Georgiania experienced a severe economic downturn when the other nations of the world created an embargo on tea from Georgiania, which led to civil strife due to thousands of workers being laid off. A downward fluctuation in the economy like this is known as
A. economic growth.
B. market failure.
C. the invisible hand.
D. a recession.
The correct term is a key component of
A. both microeconomics and macroeconomics.
B. microeconomics.
C. macroeconomics.