How Does a Recession Affect People's Lives?
In the US a committee at the NBER decides when one begins and ends, looking at income, jobs, spending and production.
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1.How is a recession defined in the video?
In the US a committee at the NBER decides when one begins and ends, looking at income, jobs, spending and production.
2.What is the chain the video traces?
Leo's spending is somebody else's income, so the fall spreads.
3.A bakery's weekly sales drop from 10,000 to 8,000. By what percent?
That is 20 percent less.
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Sources (4)
- Business Cycle Dating (National Bureau of Economic Research, NBER)
- Who Suffers During Recessions? (Hoynes, Miller, Schaller; NBER Working Paper 17951, 2012; Journal of Economic Perspectives 26(3))
- The Great Recession and its Aftermath (Federal Reserve History, Federal Reserve Board)
- Eigene Rechnung: Baeckerei
Education only. Not financial advice.