Jazzy Abella ~ What Phase Of The Economy Is Our World In? (pt. 2)
Storyboard Text
- Next is recession. Recession is when the demand production of products is slowed, unemployment rates unfortunately rise, GDP also slows after 2 or more quarters.
- I made it to the library!
- Recession
- I remember that at my old job from a couple years, that business and the businesses all around started to slow down how much we were producing.
- Depression
- Next, have you ever heard of the depression phase? This is the least ideal of them all. Depression is when unemployment rates are incredibly high, there are weak consumer sales, business has many fails, GDP falls very rapidly. Yikes!
- Luckily our world has not had to go through any serious depression phase lately. The last time a major depression broke out was when the Great depression happened, which lasted 10 years (1929-1939) I cannot imagine having to relive a time like that.
- The recovery phase is when the amount of unemployment decreases, demand begins to increase again, and GDP levels also begin to rise once again.
- The recovery phase was a great relief after the pandemic happened for us all! Since it happened just a couple years ago, in some ways our economy is still recovering, but it is a great feeling to know we are surely going back to having a happy economy :)
- Now it is your turn to think, what phase do you believe our economy is in?
- Recovery
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