Similarities And Differences Between 1973 And 1973-2003 Recessions

opinion Essay
671 words
671 words

Grace Tutunjian A.P Economics Period 3 1973 and 2007 Recession Throughout American history, there have been numerous recessions. Since 1850, there have been a total of 32 recessions in the United States. Each recession is a dreaded time for the citizens of America, devastating many families. Recessions are part of a business cycle which is a sustained decline in economic activity that contain at least two consecutive quarters of a decline in a country’s gross domestic product (GDP). Common characteristics are loss of jobs, less consumer spending, decrease in personal income and business profits. The 2007-2009 recession and recession of 1973-1975 are two recessions that contain similar properties and differences within the economy. The

In this essay, the author

  • Explains that since 1850, there have been 32 recessions in the united states. each recession is a dreaded time for the citizens of america, devastating many families.
  • Compares the recession of 2007 and 1973, stating that both recessions had spikes in oil, and both had a high peak unemployment rate.
  • Explains that different factors impacted each recession at the time, but overall, they follow the same trends as all recessions do.
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