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American economy Essay Topics & Paper Examples

Recession in American economy

The economic meaning of the term recession is, “A period of economic decline in a Country, characterized by reduced trade and industrial activity, production decline and increased levels of unemployment. It normally lasts between one and two quarters consecutively”, (Tremblay; 2007). In the US, incidences of recession have occurred since 1854. This paper, seeks address the reasons for recession in the US, with reference to the principles of consumer behavior and the firm as a whole. Observers were not expecting an incidence of recession this time round. Most observers have been persuaded to expect moderate economic growth rates in the US, of about 2 to 3 percent and a moderate inflation of around 2 percent (George. S, 2008). This is…