Final answer:
Deflation is a decrease in the general price level of goods and services, impacting the real value of money and potentially exacerbating recessions.
Explanation:
Deflation is a decrease in the general price level of goods and services. It occurs when the inflation rate falls below 0%, leading to an increase in the real value of money. This phenomenon can have serious implications for economies, such as aggravating recessions and leading to a deflationary spiral.
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