Question

short notes on economic depression​

Answer 1

Answer:

A depression is a severe and prolonged downturn in economic activity, in economics , a depression is commonly defined as an extreme recession that lasts three or more years or leads to a decline in real gross domestic product (GDP) of at least 10 percent

Answer 2

$\texttt{ \underline{ \underline{ \: \: Economic Depression \: \: \: } }}$

★An economic depression is a long period during which economic growth does not occur, and unemployment is very high.

★ We often refer to this only as a depression.

★ It is a more severe and prolonged form of recession.

★ During an economic depression, high unemployment rises and remains high. In addition, there are very few jobs.

★ There are many debt defaults, declining incomes and often deflation. Economic activity is much lower than normal.

★ In some cases, the country's currency also devaluates.