Kid Definition Of Economic Depression
Great depression worldwide economic downturn that began in 1929 and lasted until about 1939 it was the longest and most severe depression ever experienced by the industrialized western world sparking fundamental changes in economic institutions macroeconomic policy and economic theory.
Kid definition of economic depression. An economic depression is an extremely severe long term contraction in economic activity. This period is called the great depression. A state of the economy resulting from an extended period of negative economic activity as measured by gdp. Many people were out of work hungry or homeless.
Definition of economic depression. It started in the united states but it quickly spread throughout the world. Although it originated in the united states the great depression caused drastic declines in output. Depression definition is an act of depressing or a state of being depressed.
The 10 year great depression was the world s only depression. In this lesson you will learn about causes and effects of economic depression as well as some of the. It is often described as a more severe form of a recession that leads to extended. It is a more severe economic downturn than a recession which is a slowdown in economic activity over the course of a normal business cycle.
Following a series of events including a credit boom buying shares on the margin a misbalance of production and consumption and inefficiencies in the banking sector the us stock market crashed on october 29 1929. A mental illness in which. Economic depression is a sustained long term downturn in economic activity in one or more economies. Economic depression is a time when a nation s economy is unstable and production is low.
During the 1930s much of the world faced harsh economic conditions. In a depression gdp annual falls more than 5 and unemployment is in the double digits. The most prominent example of economic depression is the global economic recession of 1929. How to use depression in a sentence.
Definition of depression written for english language learners from the merriam webster learner s dictionary with audio pronunciations usage examples and count noncount noun labels.