10 Questions
What is the cause of recessions?
Negative disruption to the balance between supply and demand
What do inflation rates and interest rates reflect?
An economy's relationship between supply and demand
What can fluctuations in inflation and interest rates give us insight into?
The health of the economy
What can cause recessions?
Natural disasters
Can recessions occur during times of economic prosperity?
Yes
Can psychology contribute to a recession?
Yes
Can policy designed to prevent recessions contribute to them?
Yes
What caused the Bronze recession in Britain?
The declining value of bronze
What helped end the Bronze recession in Britain?
The adoption of iron
What can each recession provide?
New data to help anticipate and respond to future recessions more effectively
Study Notes
- Recessions occur when there is a negative disruption to the balance between supply and demand.
- Inflation rates and interest rates reflect an economy's relationship between supply and demand.
- Fluctuations in inflation and interest rates can give us insight into the health of the economy.
- Shocks like natural disaster, war, and geopolitical factors can cause recessions.
- Some recessions occur in times of economic prosperity.
- Psychology can also contribute to a recession.
- Policy designed to prevent recessions can contribute to them.
- The Bronze recession in Britain was caused by the declining value of bronze.
- The adoption of iron helped end the Bronze recession in Britain.
- Each recession provides new data to help anticipate and respond to future recessions more effectively.
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