Essay Database

The World Book Encyclopaedia describes a Depression, in economics as 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. This kind of depression can hit a single industry, a region, a nation, or even the world. This all repeats itself in the depression cycle and occurs when …

…because during the whole depression Queensland managed to keep their unemployment rate down to nearly half of what every other state was. South Australia would have to be the unluckiest and hit the worst by the Great Depression of all the states with 34% of their workforce being unemployed in the prime year of 1932, and in the third quarter of 1932 the unemployment rate in South Australia reached its peak when 35.4% of trade unionists were without work.