economic crisis
English
Noun
economic crisis (plural economic crises)
- A crisis caused by the general demand for goods within an economy falling below their supply, either temporarily or on a protracted basis, typically resulting in widespread bankruptcies of unproductive businesses and falling prices.
Usage notes
Economic crisis is sometimes used synonymously with financial crisis, but generally has a broader and not specifically financial connotation in technical literature.[1]
Translations
period of economic slowdown — see also financial crisis
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See also
References
- ^ Zimmermann, Ekkart (2011) “Market Failure”, in Bertrand Badie, Dirk Berg-Schlosser, Leonardo Morlino, editors, International Encyclopedia of Political Science, volume 1, SAGE Publications, →ISBN, page 1491:
- An economic crisis basically means that producers have miscalculated the amount and type of goods consumers are willing to buy. The consequence is an uncleared market and, in case of a deepening crisis, a further extension of unsold products. […] Such economic crises can be caused and intensified by financial crises […] .