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In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. [ 1 ] [ 2 ] Recessions generally occur when there is a widespread drop in spending (an adverse demand shock ).
The recession of 2020, was the shortest and steepest in U.S. history and marked the end of 128 months of expansion. Key Predictors, Indicators and Warning Signs
A recession is officially determined by the National Bureau of Economic Research (NBER) Business Cycle Dating Committee, which defines one as “a significant decline in economic activity that is ...
The [Bureau of Labor Statistics]'s definition of a recession is, however, known to only a small number of specialists in business cycle studies. Many people use a much simpler definition—a two‐quarter decline in real [GDP]. While this definition is simplistic, it has worked quite well in the past.
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
The recession of 2020, was the shortest and steepest in U.S. history and marked the end of 128 months of expansion. Key Predictors, Indicators and Warning Signs of a Recession
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
It hasn't been a great time for folks in the business of predicting recessions. ... Even the commonly accepted layperson's definition of recession — two negative quarters of GDP — occurred in ...