Recession and Recovery

Recession and Recovery

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  • I am doing great today, but did you know the country is experiencing a recession right now?
  • Hey Timmy, how´s it going?
  • Well, when there are two or more consecutive quarters of negative GDP growth, it is considered a recession.
  • What do you mean Timmy...what´s a recession?
  • That´s okay, have your parents explain, they´ll understand better.
  • I don´t understand Timmy, you´re too smart.
  • Stop worrying about the recession. Come play!
  • Later that day...
  • GDP stands for Gross Domestic Product and it measures the value of all final goods and services produced in a period of time. During a recession, GDP goes down.
  • Today Timmy was talking about recession, but I didn´t understand. What is GDP?
  • How does that affect us?
  • Due to the recession, the unemployment rates have gone up; many people at work have lost their jobs. Your father and I were lucky we didn´t but our incomes have been reduced. We are earning enough to barely get by.
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