What term best describes a slowdown in economic activity based on the context provided?

The term that best describes a slowdown in economic activity is "deceleration." This term specifically refers to a reduction in the rate of growth of an economy, indicating that while the economy may still be growing, it is doing so at a slower pace than before. It captures the essence of a gradual slowdown without implying that the economy has contracted.

In contrast, "inflation" refers to a rise in the general price level of goods and services and does not directly indicate a slowdown in economic activity. "Expansion" signifies a phase where the economy is actively growing, while "recession" indicates a more severe and prolonged decline in economic activity, often characterized by negative growth over two consecutive quarters. Therefore, deceleration is the most appropriate term when discussing a slowdown without necessarily implying a full contraction in the economy.