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Depression

The simple definition of a depression is a large scale recession that lasts an extended period of time. Some define a depression as a scenario where real GDP drops by over 10%. Another way to differentiate it from a recession is the period of time. Recessions are said to typically last one year while an economic depression lasts several years.

The term

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"Look at a day when you are supremely satisfied at the end. It's not a day when you lounge around doing nothing. It's when you've had everything to do, and you've done it."
Margaret Thatcher
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