Analyzing The Current And Future Economic Status Of Ohio

Analyzing the Current and Future Economic Status of Ohio Abdulaziz Musallam December 4, 2014 Analyzing the Current and Future Economic Status of Ohio This paper will start by tackling the economic situation in Ohio by defining the main terms which we will use from time to time in this economic analysis. We will define recession and depression in order to put these matters in the right perspective. According to the National Bureau of Economic Research (NBER), recession is the period when business activities have reached its peak and a fall starts. This continues until the time when those business activities reach the bottom. In average, a recession lasts for one year. Depression on the other hand is a downturn in economic activity. A great example is the Great Depression of 1930. The term ‘recession’ was coined during this period in order to differentiate the event of 1930 from the smaller economic declines of 1910 and 1913 (Smiley, 2008). So we can lightly say that a depression can be said to be a recession that lasts longer and its business activity decline is larger. Having defined both the recession and depression, we can point out the difference. The changes in GNP are the best test to use in getting the differences between the two terms. For a depression, the GNP declines by more than 10 per cent (Moffat, n.d). On the other hand a recession is an economic decline that is less severe. A number of world leaders have warmed of the looming economicShow MoreRelatedThe Importance Of Sustainability And How It Is The Key For Future Generations1540 Words   |  7 PagesCalvin Chan Elizabeth Wyatt Writing 39C 06 August 2014 Draft: Composition 2 People all around the world are beginning to recognize the importance of sustainability and how it is the key to future generations. 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