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 * Recession ** – A Recession is a decline in Gross Domestic Product (GDP) that lasts for at least two consecutive quarter (each quarter being a three-month period. The most recent Recession was in 2001 and 2002. In a recession, many people are likely to lose their jobs, but it is not as severe as a Depression.
 * Depression ** – A Depression is any downturn in economic activity. The difference between Recession and Depression is that a Recession can be for a short period of time while a Depression has a larger decline in business activity and may last a lot longer. The Great Depression is the only Depression that the United States suffered.
 * Macroeconomic ** – Macroeconomics is the study of the Economy as a whole. It looks at data for large groups of people, companies or products. It’s a more broad definition of the economy.
 * GDP ** – GDP stands for Gross Domestic Product. The GDP is the market value of all final goods and services produced within a nation’s borders in a year. 
 * Welfare ** – There are many different types of Welfare, but generally it is any program that the government provides money or services to citizens who need it. If somebody just got laid off of work, they are able to apply for food stamps if they need it. This is just one of many aspects of Welfare.
 * Poverty ** – Poverty is the state of living in a family with income below the federally defined poverty line. People who live in poverty do not have the same opportunities as people of middle or high class because they don’t have as much money. Usually the people in Poverty are the working class.