Definition Of Depression And Recession

But the word of course has other uses. First recorded in the mid 1600s recession comes from the latin recessiō a form of the verb recēdere to go back withdraw recēdere is ultimately the source of the english word recede. There is not a universally agreed upon definition.

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What Is An Economic Depression

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There is no widely accepted definition of depressions.

Definition of depression and recession. A recession is a widespread economic decline that lasts for several months. A depression is a prolonged period of economic recession marked by a significant decline in income and employment. A depression is a more severe downturn that lasts for years. The difference between the two terms is not very well understood for one simple reason.

The word recession is commonly used in the context of economics. It lasted a decade. If you ask 100 different economists to define the terms recession and depression you would get at least 100 different answers. There have been 33 recessions since 1854.

There s been only one depression the great depression. Since 1945 recessions have lasted for 11 months on average. There is no widely. What else do recession and depression mean.