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A recession is a temporary period of time when the overall economy declines; it is an expected part of the business cycle. This period usually includes declines in industrial and agricultural production, trade, incomes, stock markets, consumer spending, and levels of employment. In purely technical terms, a recession occurs when two or more successive quarters (six months) show a drop in real gross domestic product (GDP), i.e., the measure of total economic output in the economy after accounting for inflation. In this sense, recessions are broad and can be particularly painful and challenging times for a country.

A bond is a tool that businesses, governments and other organizations use to borrow money. More specifically, it is a loan agreement through which the bond issuer (the borrower) agrees to pay the lender a specified amount by a certain date. Bond agreements generally also include interest payments. While the borrower usually pays the lender interest on the loan, bonds sometimes have negative interest, meaning the lender pays interest to hold the bond. Bonds and debt financing are important tools for funding large infrastructure projects and wars. (See Canada Savings Bonds; Victory Loans.)

In economics, a bubble refers to a rapid rise in asset prices, to the point that they become disconnected from the fundamental value of the underlying asset. A change in investor behaviour is the most common cause of a bubble. When many investors rush to invest in a new technology or take advantage of low interest rates, for example, the increased demand for the asset can raise the price far above its real worth.

Canopy Growth Corporation was the first cannabis company in North America to be federally regulated and publicly traded. The Canadian company, headquartered in Smiths Falls, Ontario, produces a large portion of Canada’s legal cannabis flower, oils and edibles under its various brands. Its products are sold in all 13 Canadian provinces and territories. With more than two dozen subsidiaries and operations on five continents, Canopy is one of the world’s largest cannabis and hemp corporations. It employs 2,700 people full-time and is worth more than $20 billion.

In commerce, commodities are interchangeable goods or services. Many natural resources in Canada are viewed as commodities. They are a major source of the country’s wealth. Examples of commodities include a barrel of crude oil, an ounce of gold, or a contract to clear snow during the winter. Commodity products often supply the production of other goods or services. Many are widely traded in futures exchanges (see Commodity Trading).

The Great Depression of the early 1930s was a worldwide social and economic shock. Few countries were affected as severely as Canada. Millions of Canadians were left unemployed, hungry and often homeless. The decade became known as the Dirty Thirties due to a crippling drought in the Prairies, as well as Canada’s dependence on raw material and farm exports. Widespread losses of jobs and savings transformed the country. The Depression triggered the birth of social welfare and the rise of populist political movements. It also led the government to take a more activist role in the economy.

(This is the full-length entry about the Great Depression in Canada. For a plain-language summary, please see Great Depression in Canada (Plain-Language Summary).)