The term economic depression refers to - A. an economy that sells a lot of goods that are targeted towards people with depression B. when large corporations acquire small locally o... The term economic depression refers to - A. an economy that sells a lot of goods that are targeted towards people with depression B. when large corporations acquire small locally owned businesses C. an economy with low employment and lots of business failures D. the movement of economic production from low production to high production
Understand the Problem
The question is asking for the correct definition of the term 'economic depression' from the given multiple-choice options. The high-level approach to solve this involves evaluating the definitions provided in options A, B, C, and D to identify which one accurately describes an economic depression.
Answer
An economy with low employment and lots of business failures.
The final answer is an economy with low employment and lots of business failures.
Answer for screen readers
The final answer is an economy with low employment and lots of business failures.
More Information
Economic depression is characterized by significant declines in economic activity, resulting in high unemployment and business failures, as seen during the Great Depression (1929-1939).
Tips
A common mistake is confusing economic depression with other economic downturns or business practices.
Sources
- Great Depression - Wikipedia - en.wikipedia.org
- Depression in the Economy: Definition and Example - Investopedia - investopedia.com
- Great Depression | Definition, History, Dates, Causes, Effects, & Facts - britannica.com
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