In a few words, what is the Great Recession?
The Great Recession was a period of global economic downturn that lasted from 2007-2009. It was caused by a combination of factors such as the collapse of the housing market, rising oil prices, and the failure of large financial institutions. It was one of the worst economic downturns since the Great Depression, with millions of people losing their jobs and homes.
The Great Recession
The Great Recession was a period of economic decline in the late 2000s, which officially started in December 2007 and ended in June 2009. It was the longest and deepest recession since the Great Depression of the 1930s. The recession was caused by a number of factors, including the bursting of the housing bubble, the subprime mortgage crisis, rising oil prices, and the collapse of the stock market. The economic effects of the recession were felt across the world, with unemployment, poverty, and bankruptcies on the rise. Governments around the world took measures to try to prevent a deeper recession.
The Great Recession led to a rise in the number of 'underwater mortgages', where people owed more money on their mortgage than their house was worth. The unemployment rate in the United States reached 10.1% during the Great Recession, the highest rate since 1983. The Great Recession of 2008 was the longest economic downturn since the Great Depression of the 1930s.
Did you know?
What are some of the effects of The Great Recession?
What were some of the causes of The Great Recession?
What can we learn from The Great Recession to help us make better economic decisions in the future?
How has the global economy changed since The Great Recession?
Brain break: Draw a giant piece of pizza attacking a city!
Question: How did the Great Recession affect people's everyday lives? Clues: • Look at unemployment rates before and after the recession. • Research how housing prices changed during the recession. • Find out how people's savings were impacted. In pairs: Select and solve one of the tasks: A. Create a timeline of the events leading up to the Great Recession. B. Make a poster illustrating how people were affected by the recession.
When did the Great Recession begin?
- February 2008
- December 2007
- January 2008
- March 2008
What was the primary cause of the Great Recession?
- Housing market crash
- Oil price spike
- Government debt crisis
- Stock market crash
'Too big to fail' refers to what during the Great Recession?
- Small businesses
- Large financial institutions
- Individuals who lost their jobs
What was the highest unemployment rate in the US during The Great Recession?
Which country was among those that experienced a sovereign debt crisis as a result of The Great Recession?
Work together in pairs: Question: What was one impact of the Great Recession on the economy?