Economies go through cycles of growth and contraction. When economies are healthy, people are spending money on products and services, and businesses are hiring more people. When economies decline, they go into recession. A lot of factors can impact an economy, which can have a real effect on consumers and businesses.
Watch the following video that explains what a recession is and how it can impact people:
Think about the choices you make and your quality of life during times of economic growth and economic downturn. For this discussion, answer the following: