What's the difference between *RECESSION* and *DEPRESSION*?

Question

What's the difference between *RECESSION* and *DEPRESSION*?

Answer 1

A recession is when you neighbor loses his job

A depression is when you lose your job.

Answer 2

A depression is a sever and prolonged recession. For example, in a recession more people would be unemployed and people have to save money. In a depression, people losing every penny they own would by no means be unheard of. e.g. 1929 Stock Market Crash

Answer 3

recession=people stop buying things.

depression=people can no longer buy things.

Answer 4

A recession is a decline in a country's GDP. In practical terms that means slower economic activity over a period of more than two months.

A depression is similar to a recession but the decline tends to be more accute and its consequences worse. However, a recession is seen as part of the normal business cycle, while a depression is not because most economies are able to recover from a recession sooner or later, but a depression is mucha harder to resolve because employment and GDP are so low that it is not easy to restart the economy.

Answer 5

A recession is two consecutive quarters of a decrease in GDP.  

A depression is many quarters of decrease in GDP, continually increased unemployment, markets failing, bankruptcies, devaluations and hyperinflation.

None of which the U.S. is currently experiencing.

Answer 6

A depression lasts longer.