depression

3 ENTRIES FOUND:

depression

In economics, a major downswing in the business cycle characterized by sharply reduced industrial production, widespread unemployment, a serious decline or cessation of growth in construction, and great reductions in international trade and capital movements. Unlike recessions, which may be limited to a single country, severe depressions such as the Great Depression encompass many nations. See also deflation; inflation.

This entry comes from Encyclopædia Britannica Concise.
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