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What Is The Difference Between A “Recession” vs. A “Depression”? by John Kelly, Senior Research Editor at Dictionary.com Economics—as if understanding its facts and figures, number and statistics, and charts and graphs isn’t challenging enough. Economics also relies on some tough terms. No, we don’t just mean the more advanced argot of arbitrage or leveraged buyout. Even more familiar economic terms many of us encounter in the news (or, more frighteningly, feel in our pocketbooks), like recession, can be confusing. That confusion isn’t only because a word like recession is often used in contrast to a word like depression. It’s also because there aren’t any hard-and-fast, across-the-board, one-size-fits-all rules about when an economic tailspin becomes a recession—or worse. What is a recession? In economics, a recession is a period of an economic contraction, sometimes limited in scope or duration. Characteristics of a recession generally include significant declines in: industr...