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Recession: Two consecutive quarters of decline in the country's GDP

Depression: 4 consecutive quarters of decline in country's GDP

Inflation: The rate at which the prices of goods and other essential commodities are increasing every year

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Can you define the difference between a recession and a depression?

A recession is a period of economic decline that lasts for a few months, while a depression is a more severe and prolonged economic downturn that can last for years.


Define recession in the economy?

Recession means the period of reduction in trade and commerce in the economy.


How inflation can be define in easy way?

Inflation can be defined as shortage of some thing like goods etc.


List and define the costs of high inflation economy?

noo


How do you define grade inflation?

Grade inflation is the increase over time of academic grades, faster than any real increase in standards.


Define economic depression and name at least one example of one?

An economic depression is a sustained, long-term downturn in economic activity in one or more economy. An obvious example is the U.S. Great Depression.


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What is the current inflation rate for Ohio?

Define the parameters of "current". Annual, weekly, daily?


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What is the difference between price level and the rate of inflation in an economy?

The price level is a measure of the average price in an economy and is measured at a point in time.. The rate of inflation is the rate of change of the price level over time. Strictly speaking, economists define inflation as a continued increase in the price level as opposed to a one time price level adjustment.


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Elation is a feeling of joy or pride, as opposed to and the opposite of depression.


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