An economic recession is a significant decline in economic activity for 2+ consecutive quarters, or even years. Many Americans have lived through at least 1 recession, namely the 2008 recession, and will most likely experience another during our lifetime. Although recessions are scary, they are considered an essential and unavoidable part of the economy. Just as economies have periods of growth, they also have times of shrinking activity which results from several internal and external factors that affect markets.
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