USA HISTORY

Detailed explanation-1: -What Is a Depression? A depression is a severe and prolonged downturn in economic activity. A depression may be defined as an extreme recession that lasts three or more years or which leads to a decline in real gross domestic product (GDP) of at least 10% in a given year.

Detailed explanation-2: -A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth mean recession, although more complex formulas are also used.

Detailed explanation-3: -A depression is a major downswing (far more severe than a downward trend) in the business cycle; one which is characterized by sharply reduced industrial production, widespread unemployment, a serious decline or cessation of growth in construction, and great reductions in international trade and capital movements.

Detailed explanation-4: -An economic depression is a period of carried long-term economical downturn that is result of lowered economic activity in one major or more national economies.

Detailed explanation-5: -An economic depression is an occurrence wherein an economy is in a state of financial turmoil, often the result of a period of negative activity based on the country’s Gross Domestic Product (GDP) rate. It is a lot worse than a recession, with GDP falling significantly, and usually lasts for many years.