economic crisis

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Explanation of "Economic Crisis"

Definition:
An "economic crisis" is a situation where the economy of a country or region is doing very badly for a long time. This can be seen through high unemployment (many people can't find jobs), low prices for goods and services, and a decrease in trade and investment. It means that people and businesses are struggling financially.

Usage Instructions:

• Part of Speech: Noun
• How to Use: You can use "economic crisis" when talking about serious problems in the economy. It is often used in discussions about financial issues, government policies, and global events.

Example:

• "During the economic crisis, many businesses had to close, and many families lost their homes."

Advanced Usage:

In more advanced discussions, you might hear about the causes and effects of an economic crisis. You could say: - "The economic crisis led to a significant increase in poverty rates."

Word Variants:

1. Economic (adjective) - relating to the economy.
   • Example: "The economic policies of the government need to change."
2. Crisis (noun) - a time of intense difficulty or danger.
   • Example: "The company faced a crisis when its main product was recalled."

Different Meaning:

While "economic crisis" specifically refers to financial problems, the word "crisis" can also refer to other types of serious situations, such as a "health crisis" (a serious health issue) or "political crisis" (a serious problem in government).

Synonyms:

• Financial crisis
• Economic downturn
• Recession (though a recession is often less severe than a crisis)

Idioms and Phrasal Verbs:

• "In deep water" - This idiom means to be in serious trouble, which can relate to an economic crisis.
  • Example: "After the stock market crash, many investors found themselves in deep water."
• "Tighten the belt" - This phrase means to spend less money, often used during an economic crisis when people have to be more careful with their finances.
  • Example: "During the economic crisis, many families had to tighten their belts and cut back on expenses."

Summary:

An "economic crisis" refers to a long-term period of serious economic problems, marked by high unemployment, low prices, and reduced trade and investment.

Academic

Noun

1. a long-term economic state characterized by unemployment and low prices and low levels of trade and investment

Synonyms

• depression
• slump