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We all know there is an "official" definition of recession. Is there an "official" definition of DEPRESSION?
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M$1 Answer
http://dictionary.reference.com/browse/depression
de⋅pres⋅sion - noun - Economics. a period during which business, employment, and stock-market values decline severely or remain at a very low level of activity.
http://www.yourdictionary.com/dictionary-articles/Definition-of-Economic-Depression.html
"The yourDictionary Web site defines an economic depression as a prolonged period of recession, or a significant and prolonged downturn in the economy. Characteristics of an economic depression include declining business activities, falling prices, rising unemployment, increasing inventories, public fear and panic.
Economists differ in their opinion of what exactly constitutes recession and depression. Many define recession as two or more quarters of reduced Gross Domestic Product (GDP). GDP measures national income and output for a country’s economy. Per capita GDP is often used to measure the standard of living, with the thought being that as GDP rises, so too does each citizen’s standard of living. Hence, measuring GDP provides clues as to the overall health of the economy and a glimpse into the health of an individual’s wallet."
de⋅pres⋅sion - noun - Economics. a period during which business, employment, and stock-market values decline severely or remain at a very low level of activity.
http://www.yourdictionary.com/dictionary-articles/Definition-of-Economic-Depression.html
"The yourDictionary Web site defines an economic depression as a prolonged period of recession, or a significant and prolonged downturn in the economy. Characteristics of an economic depression include declining business activities, falling prices, rising unemployment, increasing inventories, public fear and panic.
Economists differ in their opinion of what exactly constitutes recession and depression. Many define recession as two or more quarters of reduced Gross Domestic Product (GDP). GDP measures national income and output for a country’s economy. Per capita GDP is often used to measure the standard of living, with the thought being that as GDP rises, so too does each citizen’s standard of living. Hence, measuring GDP provides clues as to the overall health of the economy and a glimpse into the health of an individual’s wallet."
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