Recession Intro

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Econ. Class

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5 Terms

1

Recession

A significant decline in economic activity across the economy, lasting more than a few months. It is typically reflected in GDP, real income, employment, industrial production, and wholesale-retail sales.

<p><span style="color: red"><strong>A significant decline in economic activity across the economy, lasting more than a few months. It is typically reflected in GDP, real income, employment, industrial production, and wholesale-retail sales. </strong></span></p>
2

Depression

A prolonged economic downturn that lasts for several years, characterized by high unemployment rates, a significant drop in consumer demand, and overall economic stagnation.

<p><span style="color: red"><strong>A prolonged economic downturn that lasts for several years, characterized by high unemployment rates, a significant drop in consumer demand, and overall economic stagnation.</strong></span> </p>
3

Debt

Money borrowed that must be repaid, often with interest, is typically used to fund expenditures or investments.

<p><span style="color: red"><strong>Money borrowed that must be repaid, often with interest, is typically used to fund expenditures or investments. </strong></span></p>
4

Default

The failure to fulfill the legal obligations of a loan or debt repayment, often resulting in significant financial penalties or loss of assets.

<p><span style="color: red"><strong>The failure to fulfill the legal obligations of a loan or debt repayment, often resulting in significant financial penalties or loss of assets. </strong></span></p>
5

Unemployment

The state of being jobless, often resulting from economic downturns, where individuals are actively seeking work but cannot find employment.

<p><span style="color: red"><strong>The state of being jobless, often resulting from economic downturns, where individuals are actively seeking work but cannot find employment. </strong></span></p>