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Word Count: 496
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 unemployment rises Unemployed workers have less money to spend leading to further drops in sales production income and employment The slump feeds on itself over and over again becoming progressively worse until business activity eventually picks up The Great Depression began in October 1929 when values of stocks and shares in the United States dropped rapidly It then continued on for 9 years when it finally ended in 1938 The worst unemployment rate of the Great depression came in 1932 when just over 29 of Australias population were out of a job After the sudden rise of 38 in 1927 the Unemployment rate grew steadily and when the Great Depression started in 1929 it had risen by just under 4 in nearly all the states of Australia except for Queensland that had coped the best and only risen by 12 from 59 to 71 Tasmania that had only risen by 23-111 to 134 and South Australia that had been hit the most severe of all states by the Great Depression with a record high rise of 85 from 72 in 1927 to 157 in 1929 During the next year of 1930 the number of unemployed jumped again quite dramatically as a result of the economic collapse in Australia and by the end of 1930 almost 20 of Australias workforce were jobless as a whole Victoria Western Australia and Tasmania were all hovering around the 19 of their workforce unemployed New South Wales and South Australia were hit
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