If the decline is severe and long, such as greater than ten percent, it may be termed a depression recession a procession in which people leave a ceremony, such as at a religious service. The term is from jerry b harveys book the abilene paradox and other. The national bureau of economic research analyzes the united states economy to determine where it is in the business cycle. The dictionary of business terms is an excellent reference for business people, educators, and students, alike. Home accounting dictionary what is an economic recession. Definition of recession written for english language learners from the merriamwebster learners dictionary with audio pronunciations, usage examples, and countnoncount noun labels. Economic recession definition of economic recession by. A recession is a period when the economy of a country is doing badly, for example because industry is producing less and more people are becoming unemployed. More specifically, the most common marker of a recession is two consecutive quarters of negative economic growth, as measured by the gross domestic product, or gdp. Synonyms for recession at with free online thesaurus, antonyms, and definitions. The downturn is not described as depression since the severity has not encompassed the levels of the great depression in the 1930s.
Recession definition is the act or action of receding. Recession meaning in the cambridge english dictionary. Recession noun definition and synonyms macmillan dictionary. In economics, a depression is commonly defined as an extreme recession that lasts two or more years. The erosion of a cliff or headland from a given point, as from the action of a waterfall. The definition of an economic recession is a slowdown in the gross domestic product resulting from less production, less consumer spending and a rise in unemployment over a period of six to twelve months.
Capitalism definition, an economic system in which investment in and. Identifying statelevel recessions the durations of those state recessions that accompanied the great recession ranged from five months in north dakota to 64 months in michigan. Recessions are characterized by a rash of business failures and often bank failures, slow or negative growth in production, and. Recession definition of recession by medical dictionary. The book explains many theories of business cycles.
The followup story is how those who survived both the competitive onslaught, as well as the recession, have adapted. I just mean various financial setbacks like business slowdown, decreasing profits, massive layoffs and joblessness, the bursting of the housing bubble, thousands of foreclosures, personal and business bankruptcies, bank failures, investment company collapses, the loss of. A recession is often defined as real gdp falling for two successive quarters, but. Recessionary article about recessionary by the free. Unemployment reaches 25%, housing prices plummet 30%, and prices fall 10%. Apr, 2020 depression is a severe and prolonged downturn in economic activity. Recessions legal definition of recessions legal dictionary. In a 1975 new york times article, economic statistician julius shiskin suggested several rules of thumb for defining a recession, one of which was two down consecutive quarters of gdp.
An economic recession is a significant decline in economic activity, real gpd, real income, employment, industrial production, and sales following a decline in the aggregate demand for at least two quarters. Lets assume that there has been a significant decline in industrial production, employment, and wholesale. This course teaches english spelling rules with interactive exercises and spelling tests, helping learners with problems such as dyslexia to improve their english spelling and helping others to learn english as a foreign language. The official nber definition of recession which is used to date u. Definition of a recession at a high level, a recession is defined as a period of economic decline within a certain region. A significant period of economic decline from the peak to the trough of a business cycle, characterized by decreasing aggregate output and often by rising. Definition of recession noun in oxford advanced learners dictionary. The fact or action of moving away or back, especially.
Economics terminology that differs from common usage wikipedia. Change your default dictionary to american english. Adjective such conditions inevitably produce a recognition of the limits of gradualism among conservatives fed up with years of rearguard compromise who desire a proactive rather than an essentially defensive and recessional policy program. Recession cambridge dictionary cambridge university press. Recession a temporary downturn in economic activity, usually indicated by two consecutive quarters of a falling gdp. Best of all, it can fit quite easily in your pocket. A recession is a significant decline in economic activity, lasting more than a few months in the business cycle, a recession is the period between the peak and the trough. From longman dictionary of contemporary english related topics. A recession is two consecutive quarters of declining gross domestic product gdp how it works. Definition of diversify word with a meaning on a book. A recession is a period of declining economic performance across an entire economy that lasts for several months. It is visible in industrial production, employment, real income and wholesale. A recession is a decline in economic activity that lasts for two quarters or a year. Recession definition of recession by merriamwebster.
Glossary of terminology and definitions for business and management. A worldwide financial panic was followed by the most serious recession since the great depression. By hardik lashkari page 42 of 268 recession meaning period of. Recession legal definition of recession legal dictionary. There can be no recession of the tide of unrest until constructive instrumentalities are set up to stem that tide. Compilation of various business words along with their meaning. A period of economic downturn experienced by the united states beginning in december 2007. Recession definition of recession by the free dictionary. Recession definition in the cambridge english dictionary. While it is relatively small, it provides concise, easy to understand definitions for some 7000 business terms.
A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real gdp, real income, employment, industrial production, and. Recession article about recession by the free dictionary. Wikipedia, lexilogos, oxford, cambridge, chambers harrap, wordreference, collins lexibase dictionaries, merriam webster. Economic recession legal definition of economic recession. The us market housing decline is pointed out to be one of the causes of the great recession. If you are in any way involved in business, this is a must have. The oil price increases sent europe into deep recession. This is the british english definition of recession. Recessional definition is of or relating to a withdrawal. The definition of a recession is a slow economic period where the gross domestic product declines and unemployment increases for two or more quarters. Recessions are a normal part of the business cycle, but government fiscal and monetary policies often play key roles in making sure recessions do not go on for long. The definitions are universal in economics, so theres no difference from the book youre reading. A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real gdp, real.
Recessions generally occur when there is a widespread drop in spending an adverse demand shock. Definition and synonyms of recession from the online english dictionary from macmillan education. Glossary of business terms a to z business the guardian. Economic recession dictionary definition economic recession. Recessions definition of recessions by medical dictionary. A recession is a significant decline in activity across the economy, lasting longer than a few months. Macroeconomic indicators such as gdp, employment, investment spending, capacity utilization, household. When the business activity starts to rise again it is called an expansionary period. Recessional definition of recessional by merriamwebster. A recession is associated with high unemployment, slowing gross domestic product, and high inflation. Recession is a normal, albeit unpleasant, part of the business cycle.
Recession economics a period during which economic activity, as measured by gross domestic product, declines for at least two quarters in a row in a specific country. Dictionary finance stock photos download 711 royalty free photos. A recession is a period when the economy of a country is doing badly, for example. By this definition, the average recession lasts about a year. A term commonly used to refer to a companys accounting records. The nbers business cycle dating committee defines a recession as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production. A temporary downturn in economic activity, usually indicated by two consecutive quarters of a falling gdp.
Call 1800 1200 004 toll freebook your newspaper subscription. You can translate the dictionary words into your native language. May 07, 2020 a depression is an extended recession that has years, not quarters, of economic contraction. Business news definitions economy, budget recession. Bone recession financial definition of bone recession. Latest news epf passbook mutual funds investment breaking news epf kyc. Economic recession financial definition of economic recession. Recession definition, the act of receding or withdrawing.
We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. They define a recession as the time when business activity has reached its peak and starts to fall until the time when business activity bottoms out. The country is sliding into the depths of a recession. A recession is often defined as real gdp falling for two successive quarters, but the. During a recession, a significant decline in economic. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. The devastation of a depression is so great that the effects of the great depression lasted for decades after it ended. Dictionary of business terms barrons business guides. Recessions are characterized by a rash of business failures and often bank failures, slow or negative growth in production. Recession dictionary definition recession defined yourdictionary. A recession is a period between a peak and a trough, and an expansion is a period between a trough and a peak. By recession i dont have any sophisticated definition in mind. Recession definition what is meant by the term recession. Handy definitions of financial and economic jargon from libor and quantitave easing to black swans and dead cat bounces.
Some of these theories are widely known, while some i have not seen else where. Recession is a slowdown or a massive contraction in economic activities. Marked by high unemployment, stagnant wages, and fall in retail sales, a recession generally does not last longer than one year and is much milder than a depression. Search recession and thousands of other words in english definition and synonym dictionary from reverso. The chronology comprises alternating dates of peaks and troughs in economic activity. Depression is a severe and prolonged downturn in economic activity. Describes a noun or pronounfor example, a tall girl, an interesting book, a big house. In economics, a recession is a business cycle contraction when there is a general decline in economic activity. May 02, 2008 an alternative and tougher definition is a full calendar year of negative output. Business a period of an economic contraction, sometimes limited in scope or.
Countries with the lowest debt, and holding the most foreign debt, with the best labor force, will be the ones to emerge out of the global recession the fastest. Use our dictionary to check the spelling definitions of words. This is a message about gods purposes in the recession. The nbers business cycle dating committee maintains a chronology of the u. Recessional definition, of or relating to a recession of the clergy and choir after the service. State of the union addresses of woodrow wilson woodrow wilson the election of 1902 being an off year, there was something of a recession of interest. Recession definition for englishlanguage learners from. In economics, a recession is a business cycle contraction, a general slowdown in economic activity. Period of general economic decline, defined usually as a contraction in the gdp for six months two consecutive quarters or longer. The bb method is unlikely to exactly identify the nberdefined recessions, as the process used by the business cycle dating committee is somewhat subjective. The penguin dictionary of economics explains a host of economic terms, from. Macroeconomic indicators such as gdp, employment, investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise. This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a largescale natural or. Recession definition and meaning collins english dictionary.