In March of 2001, a recession began. The current case examines the changes in real GDP in the most recent quarter and how those changes reflect the current recessionary conditions. The definition of a recession is a "significant decline in total output, income, employment, and trade, usually lasting from six months to a year, and marked by widespread contractions in many sectors of the economy."
Real Gross Domestic Product (GDP) during the third quarter (July through September) of 2001 decreased at an annual rate of 0.4 percent. This is the preliminary estimate for the second quarter. The estimate is based on incomplete data and will be revised in the coming months. During the first and second quarters of 2001, real GDP increased at an annual rate of 1.3 percent and 0.3 percent respectively. For the year 2000, real GDP increased at annual rates of 2.3, 5.7, 1.3, and 1.9 percent in each of the four quarters. The slowing rate of growth throughout 2000 has continued through 2001. The growth rate in real GDP over the last 12 months has been 0.8 percent. That compares with a more than 4 percent annual growth rate over the last several years.
Real Gross Domestic Product (GDP) during the first quarter (January through March) of 2002 increased at an annual rate of 5.6 percent. This is the preliminary estimate for the first quarter, a downward revision from the advance estimate of 5.8 percent, and will be revised in the final estimate that is released next month. During 2001, real GDP changed at annual rates of +1.3 percent, +0.3 percent, -1.3 percent and +1.7 percent for each quarter respectively.
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Teaching Financial Crises is an eight lesson resource that provides an organizing framework in which to contextualize all of the media attention that has been paid to the recent financial crisis, as well as put it in a historical context. The current events stories, opinion pieces, and other popular media pieces that are today in great supply have generally not connected to educational objectives, historical analysis, and economic processes and concepts that are used in the high school classroom. In Teaching Financial Crises, teachers will find a non-partisan and non-ideological resource to help them simplify and offer balanced perspectives on this challenging subject matter.
5 out of 9 lessons from this publication relate to this EconEdLink lesson.
This revised edition features simulations, role plays, small-group discussions and other active-learning instructional activities to help students explore economic concepts through real-life applications.
3 out of 21 lessons from this publication relate to this EconEdLink lesson.
Focus: Understanding Economics in U.S. History uses a unique mystery-solving approach to teach U.S. economic history to your high school students.
3 out of 40 lessons from this publication relate to this EconEdLink lesson.