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What exactly is a recession? Though I would say one exists now, they are saying one is possible.?
Where is the line? Things are pretty bad right now. At what point do they say. "Hey. This is a recession".?
How is it defined differently than the horrors we see now?
1 Answer
- Edward GLv 61 decade agoFavorite Answer
People use the word rather loosely, but the official definition is a decline in the Gross Domestic Product for two or more consecutive quarters.
The Gross Domestic Product is the total market value of all final goods and services produced in a country in a given year. It is equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Source(s): http://useconomy.about.com/od/grossdomesticproduct... http://www.investorwords.com/2153/GDP.html