1. Recession or Depression?
With talk of major layoffs, bank closings and the stock market plummeting, many people are talking about economics and throwing around terms like recession and depression. The problem is that many people don't know what the terms actually mean or when to use them appropriately. To some people, any time the economy seems bad, it is a ... happening in a specific state. The same problem exists when talking about a depression. An economic depression is a period of economic shrinkage that lasts for several years. Most Americans are familiar with the term because of the Great Depression beginning ...
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