Recession

Definition

• A prolonged period of time (often defined as two successive quarters) in which economic activity declines or decreases.

Synonyms
bad times, bust, collapse, slide, hard times, rainy day, slump, depression

Related Terms and Acronyms

• Depression — Definition,
  • A prolonged downturn in the economy and level of business activity.
• Disinflation — Definition,
  • A reduction in the inflation rate as a result of either government policy or a decline in economic activity.
• Economic Indicators — Definition,
  • Statistics that help determine how the economy is faring. They include the Consumer Price Index, housing starts, and unemployment rates, among others.
• Employment Insurance (EI) — Acronym, Canada,
  • A Service Canada program where premiums are paid by taxpayers and benefits are provided for the unemployed.
  ➥ Formerly known as Unemployment Insurance (UI).
• Inflation — Definition,
  • A rise in the average level of prices in the economy.
• Macroeconomics — Definition,
  • A study of the economy as a whole, particularly the interaction of its various components.
• Market Conditions — Definition,
  • Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.
• Microeconomics — Definition,
  • Looking at the individual parts of the economy, with emphasis given to the market process and how it works.
• Stagflation — Definition,
  • A time period where the unemployment rate and the rate of inflation are both relatively high.
• Unemployment Rate — Definition,
  • The percentage of the labour force that is not employed but currently seeking work.