Question

_________ is a general economic term that refers to prolonged period of economic decline with large numbers of unemployed, shrinking incomes, and general economic hardship.

Answer 1

Answer: Depression

Explanation: Depression is the term used to describe a sustained period of economic decline. This period is usually characterized by sharp and high fall in production leading to significant drop in gross domestic products(GDP), increased percentage of unemployment, financial crisis and severe economic hardship. Depression is defined as a period of extreme recession which could result from deflation, alteration in monetary policy and loss of consumer confidence.