1. Recession: In general, a recession is characterized by a temporary drop in trade, manufacturing, and other economic indicators that lasts for at least two consecutive quarters. It is typically evaluated in terms of the Gross Domestic Product, or GDP, which gauges a country's overall economic success. The Federal Reserve Bank frequently employs a variety of tools and techniques, such as lowering interest rates, to try to increase activity.
2. Depression: The recession is frequently referred to as a depression when it gets much worse and lasts for a long time. Either the entire economy is experiencing a downturn or just a single one, like the housing or manufacturing industries. Almost everyone is familiar with the time period known as the Great Depression, which started in 1929 and lasted for a number of years.
3. Inflation: Inflation is the rate at which the value of one or more currencies declines, which causes an increase in the majority of product and service prices. The Federal Reserve Bank typically raises interest rates, which are the costs associated with borrowing money. The majority of the time, when they rise dramatically, many people find that their earnings have not kept up with the rate of inflation.
4. Stagnation: In terms of the economy and finances, stagnation refers to a protracted period of little to no activity, growth, and/or substantive progress. When this goes on for a long time, it typically results in fewer work opportunities and frequently increased unemployment. Governments have used a range of economic stimulus in the past to boost overall economic activity and, ideally, get us back to a stronger, better financial situation.
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