Final answer:
Economists distinguish between recessions and depressions based on their intensity and duration.
Explanation:
Economists differentiate between a recession and a depression based on the severity and duration of economic downturns. A recession is characterized by a significant decline in GDP that lasts for a short period, typically defined as two consecutive quarters of negative growth. On the other hand, a depression is a more severe and prolonged economic downturn with substantial decreases in GDP, high unemployment rates, and lasting for an extended period.
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