Legal Definitions - depression

Definition: Depression is a long-lasting economic crisis that causes poor business conditions and high unemployment rates. It is a severe form of recession.

Example: The Great Depression of the 1930s was a period of severe economic depression that lasted for almost a decade. It was characterized by high unemployment rates, low production levels, and a significant decline in the stock market.

Explanation: The example illustrates how the Great Depression was a prolonged period of economic stress that affected the entire country. It caused businesses to shut down, people to lose their jobs, and the stock market to crash. This led to a significant decline in the overall economic activity of the country, which lasted for almost ten years.