Chapter 1, Problem 16P

To determine

Determine:

Using the principles of wide economy interaction explain about the food which was left to rot in the fields during the depression

Concept Introduction

Depression: In economics, depression is a sustained long-term downturn in economic activities of one or more economies. It is usually an extreme form of recession. It results in unemployment, a fall in the availability of credit, large number of bankruptcies, etc. Price deflation, financial crisis and bank failures are the common elements of depression.