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Simple English definitions for legal terms
depression
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A quick definition of depression:
Depression: A time when many people don't have jobs and businesses are struggling to make money. It lasts for a long time and can make things very hard for a lot of people.
A more thorough explanation:
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.