Recession Explained | What is a Recession - White Board explanation.

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A recession is a period of several months where the entire economy slows down. Production of goods and services falls, as reflected by a decline in Gross Domestic Product (GDP). Unemployment rises as companies cut back, consumer spending weakens, and businesses invest less. While two quarters of negative GDP growth is a common sign, a recession is officially determined by a wider look at economic indicators by organizations like the NBER. Recessions can vary in intensity, with some being short and mild while others are deeper and more long-lasting.