Principles of Macroeconomics / Unit 3 MAC 0220 short lesson, about 20 seconds
Recession
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The idea
A recession runs from peak to trough. The common rule of two consecutive quarters of falling real GDP is not the official definition.
In practice
In the United States a private research bureau dates the cycle.
Where people slip
It judges a significant decline spread across the economy and lasting more than a few months, weighing income, employment and sales as well as output.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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