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ECON 110 - Class Notes - 02.26.08

ECON 110 - Class Notes - 02.26.08 - ECON 110 Class Notes...

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ECON 110: Class Notes 02/26/08 Recession is when Real GDP decreases. Bad The slowing down of the economy Not performing well Last recession we had was in 2001. NBER o National Bureau of Economic Research o Columbia o Official arbiters of recession in the U.S. Decided when we’re in a recession The last serious recession we had was in the early 80s Stock market is a leading economic indicator. Does not actually CAUSE a recession ’87 was bad year for the stock market, but did not cause a recession. No recession under Clinton. Recession is like a D grade in a course. Depression is like an E grade. Economic growth is an average of 3% per year. Historical average in the U.S. Recession must be a DECREASE.  Not just not increasing AS MUCH. GDP = Price x Quantity of all goods produced in one year Price is our measuring rod, but prices change.
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