Economic Depression can affect a person, family, community, nation and the world.

Effects of Depression —

1. Industries and businesses suffer a major loss into a deep depression. To cope with this loss, in general industry to reduce its work force. This minimizes your costs substantially. The economic crisis can lead to many companies, even bankruptcy. Thus, the depression generated massive unemployment.

2. Economic recession lasts a very negative impact on a society that works. Due to high unemployment, many people do not get jobs. This increases the degradation social, such as prostitution, crime, theft, and the movement of people from one place to another place.

3. Depression brings the service degradation also social. Under normal conditions of many people depend on the different forms of public services. People can rely on various government schemes, to to get another job. The economic downturn means that a large proportion of unemployed society. It makes a huge pressure on services provided by government. It is very difficult for the government to provide these services for a large number of people. The Depression brought a decline in tax revenues provided by companies and employees government.

4. Due to economic depression an individual has to deal with large debts and carries very little savings. Credit cards debt has become very common among American citizens and other countries. The figures show that an average consumer's own credit card and nine. Statistics show that 70% of homes are mortgaged to 23% of people are lending their homes.

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