20140401

depression

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TERM OF THE DAY

depression

Lowest point in an economic cycle characterized by (1) reduced purchasing power, (2) mass unemployment, (3) excess of supply over demand, (4) fallingprices, or prices rising slower than usual, (5) falling wages, or wages rising slower than usual, and (6) general lack of confidence in the future. Also called aslump, a depression causes a drop in all economic activity. Major depressions may continue for several years, such as the great depression (1930-40) that had worldwide impact. See also recession.
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Usage Example
Found at the lowest point of an economic cycle, a depression typically occurs when there is a slump in economic activity.
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