Recession Flashcards
1
Q
Recession Def
A
recession
→ a downturn in the economy, which lasts few months; characteriscs: high unemployment and low price
2
Q
Benefits
A
+ companies have to restructure themselves/cut costs and become lean/efficient
+ weeds out the weak companies
+ companies need to be more creative and inventive
+ the good companies will benefit from the fact that prices will drop, for example advertising costs will drop, because bad companies have to cut back on their spending
3
Q
recession proof
A
- food & water supply
- medicine producer / pharmaceuticals / healthcare
- pawnbroker - people employed by the state/politicians
- gas stations
- funeral services - tax advice/ lawyers
- education
- public transport
