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All Key Terms. Intro to Sociology. recession. Definition. A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Feb 14, 2024 · Economic recessions are periods of significant decline in economic activity, characterized by a decrease in gross domestic product (GDP), rising unemployment rates, and a decline in consumer spending.
- Overheating Economy
- Asset Bubbles
- Economic Shocks
Nothing lasts forever—not even growth! Why, you ask? In a growing economy, the demand for goods and services is constantly growing. With growing demand, industries employ more people and resources to produce and supply these goods. Gradually, demand begins growing more rapidly than the economy’s production capacity can handle, creating a demand-sup...
Humans are greedy, and it is precisely this greed that fuels asset bubbles. An asset bubble is when the price of a certain asset, such as gold, stocks, housing, etc. rise quickly over a short period of time. However, like any other bubble, it eventually pops. This might lead you to a logical question: what causes asset bubbles? An asset starts by b...
Recessions are sometimes triggered by unexpected negative external events to the economy that disrupt growth. These adverse shocks come with very little warning and are almost impossible to predict, unlike overheating or bubbles, which are more gradual and measurable.
- 4 min
This chapter presents a sociological perspective on the economy as a social institution. It reviews the history of the economy, the major types of economic systems, and the nature of work in the United States today. It also examines one of the most important if controversial aspects of the U.S. economy, the defense industry.
The Great Recession may affect poverty, inequality, and other economic and noneconomic outcomes by changing individual-level behavior, encouraging the rise of new social movements or reviving older ones, motivating new economic policy and associated institutional change, or affecting the ideologies and frames through which labor markets and the ...
recession when there are two or more consecutive quarters of economic decline services activities that benefit people, such as health care, education, and entertainment social capital the accumulation of a network of social relationships and knowledge that will provide a platform from which to achieve financial success
Jul 27, 2022 · “A common definition of recession is two negative quarters of GDP growth, or at least that’s something that’s been true in past recessions,” Treasury Secretary Janet...
