This is the most common question I've heard from people. What is a recession? Then there is the brave soul who asks, "What is a Depression?"
I could give you the technical definition ... if you want to call it technical. A recession is two consecutive quarters of NEGATIVE GDP (gross domestic product). I am always sensitive to insulting anyone's intelligence, so keep in mind that the audience for this here blog ranges greatly. I'm not going to assume that everyone knows what GDP stands for.
A depression is a deepened, protracted recession.
Or, to put it in the terms of a prof at OU: A recession is when your neighbor loses his or her job. A depression is when you lose your job.
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