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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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Serious Depression

Economists call a deep, prolonged contraction a depression. A depression is not as clearly defined as a recession, but is characterized by rising unemployment, falling incomes, falling prices, excess inventories and productive capacity, lack of confidence, and a generally low level of business activity. Fortunately, depressions are very rare. The Great Depression of the 1930s was the only true depression to occur in the United States and Europe in the past century.
The Great Depression lasted from 1929, when the stock market crashed on October 25 (Black Thursday), to about 1940. During the Depression, unemployment reached 25 percent, families lost their savings and homes and survived on charity and odd jobs, farms and banks ...

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