What is a Recession?
- A recession is a period between a peak and a trough in economic activity.
How Do I Remember It?
- Think of a recession as a “downward slope” in economic activity. It’s like a dip or decline in the economy’s performance.
Real World Example
- During the 2008 financial crisis, many countries experienced a recession, with GDP declining, unemployment rising, and businesses struggling. This period of economic downturn lasted for several years, impacting millions of people and businesses worldwide.
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