- In economics, a period of drastic decline in a national or international economy, characterized by decreasing business activity, falling prices, and unemployment.
- An area that is sunk below its surroundings.
recession, economic decline, sag, crash
Related Terms and Acronyms
- Commerce — Definition,
- The systems and activities that impact business and trade within a nation and abroad.
- Deflation — Definition,
- An actual decline in the general level of prices in the economy.
- Depreciation — Definition,
- The gradual loss of value of a building or other property because of age or natural wear.
- Disinflation — Definition,
- A reduction in the inflation rate as a result of either government policy or a decline in economic activity.
- Inflation — Definition,
- A rise in the average level of prices in the economy.
- Microeconomics — Definition,
- Looking at the individual parts of the economy, with emphasis given to the market process and how it works.
- Monetary Policy — Definition,
- The Bank of Canada's ability to influence the economy through changes in short-term interest rates and the money supply.
- Recession — Definition,
- A prolonged period (popularly defined as two successive quarters) in which economic activity shrinks.
- Stagflation — Definition,
- A time period where the unemployment rate and the rate of inflation are both relatively high.