Depression
In the context of business cycles, depression is a severe and prolonged economic downturn. It is marked by significant declines in consumer spending, business investment, and employment levels. During a depression, businesses may close or reduce operations, leading to high unemployment rates. This results in decreased incomes and further drops in demand for goods and services. Unlike a recession, which is a milder downturn, a depression can last for several years and has profound effects on individuals and society as a whole, often requiring substantial policy intervention to stimulate recovery.
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Depression is a common mental health condition characterized by persistent feelings of sadness, hopelessness, and a loss of interest in activities once enjoyed. It can affect one’s thoughts, emotions, and daily life, making it challenging to work, socialize, or maintain relationships. Symptoms may include fatigue, changes in sleep or appetite, difficulty concentrating, and sometimes thoughts of self-harm. Depression is caused by a combination of genetic, biological, environmental, and psychological factors. It is treatable with therapy, medication, lifestyle changes, and support, emphasizing the importance of seeking help if experiencing symptoms.