Depression:
A severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels.
Notes:
In times of depression, consumer's confidence and investments decrease, causing the economy to shutdown. The classical example of this occurred in the 1930s the Great Depression affected the global economy.
This just in:
ST. LOUIS -- Good Thursday morning. Time's cover is a black-and-white photo from 1931, showing unemployed men lining up at a Depression-era soup kitchen in Chicago, opened by Al Capone, in front of a sign that reads, "Free Soup, Coffee and Donuts for The Unemployed.” (Hat tip: Daniel Kile)



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