A Depression, in economics is described being a deep, extended slump in total business activity. Buying and selling drop during a depression causing a decline in production, prices, income, and employment. .
Money becomes scarce, many businesses fail and many workers lose their jobs. The Great Depression was the world's biggest economic crisis since World War One. It occurred from an economic crash in the mid 1920s- 1930s. It all started in America, and worked its way all around the world, spreading rapidly.
1. "It was bad, it really was. The effects of the depression were disastrous, the worst economic downfall I"d seen, the worst economic downfall I"ll ever see hopefully.".
In the following essay I"d like to tell you a bit about the effects the depression had on the economy and unemployment, and children.
Many businesses were wiped out too and jobs became scarce during the depression and unemployment was very prominent.
After the sudden rise of 3.8% in 1927, the Unemployment rate grew steadily and when the Great Depression Australia was certainly one of the countries hit hardest by the depression, because Australia relies heavily on overseas trade and investment. Business activity fell sharply. During the next year of 1930, the number of unemployed jumped again quite dramatically as a result of the economic collapse in Australia and by the end of 1930 almost 20% of Australia's workforce were jobless, as a whole, Victoria, Western Australia and Tasmania were all hovering around the 19% of their workforce unemployed. New South Wales and South Australia were hit the worst with N.S.W on 21.7% unemployed and S.A. on 23.3%. While Queensland were still the lucky state with only 10.7% of their workforce being unemployed. 1932 was by far the worst year of the Great Depression in Australia with exactly 29% of the workforce being unemployed as a whole and nearly every state having over 29% of their workforce out of work, except for Victoria that only had an unemployment rate of 26.