List economic characteristics of a recession (what is happening with employment, production, and consumer spending)

Answer:

increased Unemployment,reduced customer spending, increased interest rates and reduced production

Explanation:

A recession is essentially a period in which clusters of business face declines and failure as well as a downturn in economic activity.It causes a country's GDP to drop.

The main characteristics of a recession are:

Increased Unemployment: Due to businesses having stagnant revenue, falling sales and an increased pressure to pay debts and services(businesses with increased debts can find it hard to meet interests), many shed off staff to raise funds.

Consumer spending changes: This is because during a recession, consumers often cut back on buying non-essentials first; they are much more likely to buy say a car or jewelry during an economic upturn.

Reduced production: Firms are forced to scale back production due to reduced demand for their services.

Increased interest rates: is the percentage rate charged on a loan. This increases during a recession as a result of reduced credit supply to banks. Increased interest rates add to the burden of business debts.

Hope this helps!

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explanation:

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