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Economics terminology that differs from common usage : ウィキペディア英語版 | Economics terminology that differs from common usage
In any technical subject, words commonly used in everyday life acquire very specific technical meanings, and confusion can arise when someone is uncertain of the intended meaning of a word. This article explains the differences in meaning between some technical terms used in economics and the corresponding terms in everyday usage. =="Recession"== Economists commonly use the term "recession" to mean either a period of two successive calendar quarters each having negative growth of real gross domestic product〔Mankiw, N. Gregory, ''Macroeconomics'', seventh edition, Worth Publishers, 2010; ISBN 1-4292-1887-8〕—that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research〔(【引用サイトリンク】publisher=National Bureau of Economic Research )〕 (NBER): "...a significant decline in economic activity spread across the country, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales." Almost all economists and policymakers defer to the NBER's determination for the precise dates of a U.S. recession's beginning and end.〔 In contrast, in non-expert, everyday usage, "recession" may refer to a period in which the unemployment rate is substantially higher than normal.
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