Difference between revisions of "Recession"
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
:[[Recession]]. A significant decline in national output. | :[[Recession]]. A significant decline in national output. | ||
| + | According to [[Macroeconomics by Mankiw (7th edition)]], | ||
| + | :[[Real money balances]]. The quantity of money expressed in terms of the quantity of goods and services it can buy; the quantity of money divided by the price level (M/P). | ||
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Revision as of 18:47, 2 July 2020
Recession is a significant decline in national output.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Recession. A significant decline in national output.
According to Macroeconomics by Mankiw (7th edition),
- Real money balances. The quantity of money expressed in terms of the quantity of goods and services it can buy; the quantity of money divided by the price level (M/P).
