recession

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
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What lessons did managers learn from the recession that happened in 2008? 

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Step 1
  • The severe financial crisis the entire world experienced from 2008 to 2009 is referred to as the "Global Financial Crisis of 2008-2009."
  • The financial crisis had a significant impact on millions of Americans as well as people and institutions all around the world.
  • Financial institutions began to fail, many of them were taken over by bigger organisations, and the US government was compelled to provide bailouts to keep many of them afloat.
  • The crisis, also known as "The Great Recession," didn't occur suddenly.
  • The crisis was caused by a number of variables, many of which are still in existence today. 
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