The term recession has been surfacing lately amidst all of the housing and credit troubles, but, if you're like most people, you're probably wondering, "Just what is a recession?"

Well, Mr. Webster sees the term this way: a period of an economic contraction, sometimes limited in scope or duration.

Of course, you probably could have looked that up yourself, so let's look at the subject in a more "How does this affect me?" way.

4 Signs of Recession

1. Bob's with no jobs. Unemployment is one of the most telling signs that things aren't doing so great. In case you're wondering, the unemployment rate just hit 5% at the end of last year, marking a new two-year high.
2. Bringing down the house. Most everyone dreams of owning a house someday, or already owns one (street-dwellers excluded), so when such a popular market takes a massive hit, it can trickle down throughout the entire economy. And if you've picked up a newspaper or magazine anytime within the past several months, you should be well aware that the housing market has seen much better days to say the least.
3. Bob's with no jobs -- and nobody's hiring. When financial times are tough, there are less jobs being created, in addition to possible layoffs at current companies. This combination one-two punch not only gets Bob fired, but also limits his options and chances of getting a similar job elsewhere.
4. Pay at the pump. When the price of gas has you seriously considering folding your massive, manly frame into a dainty little hybrid car, it's another sign that a recession may be coming. High gas prices mean less driving, and less driving means less spending. It's a cycle that could easily spiral out of control if the numbers on those price boards keep climbing.