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Question

Describe the Great Depression of 1929. 


Solution

The Great Depression was a tragedy in 1929. There was a severe economic crisis which took place in the United States the day when the stock market crashed. Masses of people tried to sell their stock but nobody was ready to purchase.

It affected the other countries also. The main cause behind it was the fall of aggregate demand due to under-consumption and over-investment. The demand for goods In the economy was so low that the production was lowered and leading to unemployment. In the USA, the rate of unemployment increased from 3% to 25%. 

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