The first thing you need is obviously a replacement water heater element, and also a socket to fit. The most common size is 1 1/2â³, and a couple of screwdrivers and nut drivers depending on exactly what you need on your water heater to expose the element.
Essentially, the Great Depression, in their view, was caused by the fall of the money supply. The result was what Friedman calls the Great Contraction â a period of falling income, prices, and employment caused by the choking effects of a restricted money supply.
Causes of recessions. A recession implies a fall in real GDP. An official definition of a recession is a period of negative economic growth for two consecutive quarters. Recessions are primarily caused by a fall in aggregate demand. This demand side shock could be due to several factors, such as financial crisis, rise in interest rates or fall in asset prices (like houses)