Boom & recession Flashcards
1
Q
Boom
A
- Economic health on place, rarely static, places grow & decline, economic activities not evenly spaced
- Growth & stagnation linked with tech companies / innovation
- Growth strong in urban areas
2
Q
Recession
A
- Slowdowns in economic activity like, GDP, investment, income, profits
- Unemployment and bankruptcies rise
- Some people able to cope with recession due to skills
- House holds cut back on spending, fewer jobs, affect people across socio-economic spectrum
