Government spending chart

Review the chart below, upload it to your blog and make two observations about it.

It's official: USA in a Recession

This week the government finally announced our economy is in a Recession and actually has been in one since December of 2007.

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Post on your Blog the following:

1. The difference between the economics terms Recession and Depression.
2. Define the terms GDP (Gross Domesetic Product) and GNP (Gross National Product).
3. Identify the beginning and ending dates of a previous recession in the 2nd half of the 20th century. Link to recession histories
4. Explain how government policies can help end a recession.
5. Were there any economic recessions prior to the Great Depression? Why or why not?