Recession

Definition

  • A prolonged period of time (often defined as two successive quarters) in which economic activity declines or decreases.

Synonyms
depression, bad times, hard times, rainy day, bust, collapse, slump, slide

Related Terms and Acronyms

  • Depression Definition,
    • A prolonged downturn in the economy and level of business activity.
  • Disinflation Definition,
    • A reduction in the inflation rate as a result of either government policy or a decline in economic activity.
  • Economic Indicators Definition,
    • Statistics that help determine how the economy is faring. They include the Consumer Price Index, housing starts, and unemployment rates, among others.
  • Employment Insurance (EI) Acronym, Canada,
    • A Service Canada program where premiums are paid by taxpayers and benefits are provided for the unemployed.
    Formerly known as Unemployment Insurance (UI).
  • Inflation Definition,
    • A rise in the average level of prices in the economy.
  • Macroeconomics Definition,
    • A study of the economy as a whole, particularly the interaction of its various components.
  • Market Conditions Definition,
    • Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.
  • Microeconomics Definition,
    • Looking at the individual parts of the economy, with emphasis given to the market process and how it works.
  • Stagflation Definition,
    • A time period where the unemployment rate and the rate of inflation are both relatively high.
  • Unemployment Rate Definition,
    • The percentage of the labour force that is not employed but currently seeking work.
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