59
Lesson 59 of 84 · Economics
Recession: When the Economy Slows Down
Recessions are periods when the economy shrinks. Businesses may lay off workers, consumers spend less, and tax revenue drops. Recessions are a normal, if painful, part of the cycle.
Key Facts
1
Money is a medium of exchange.
2
Needs are different from wants.
3
Supply and demand affect prices.
Check Your Understanding
Question 1
1 of 2What is trade?