Discuss the definition of and causes of recession and

Question

Recession and Depression

1. Discuss the definition of and causes of recession and depression, including factors such as inflation, tax rates, interest rates, unemployment, increased debt and consumer perception of the economy. Give examples of ways that individuals or small businesses can take precautions to protect themselves in case of a recession or depression. Discuss how a recession or depression can affect supply and demand, and what effects a shift in supply and demand can have on small businesses and entrepreneurs.