The term 'BOOMS' OPPOSITES' refers to economic downturns, which are the opposite of economic booms. The two most common terms for these downturns are RECESSIONS and DEPRESSIONS. A recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. A depression is a more severe and prolonged economic downturn, usually identified by a fall in GDP over a longer period of time.