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Lesson 2: Business Cycles

3. How do economists differentiate between a recession and a depression?

Sagot :

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Final answer:

Economists distinguish between recessions and depressions based on their intensity and duration.


Explanation:

Economists differentiate between a recession and a depression based on the severity and duration of economic downturns. A recession is characterized by a significant decline in GDP that lasts for a short period, typically defined as two consecutive quarters of negative growth. On the other hand, a depression is a more severe and prolonged economic downturn with substantial decreases in GDP, high unemployment rates, and lasting for an extended period.


Learn more about Business cycles here:

https://brainly.com/question/31642085


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