Depressions, also known as economic recessions, are periods of significant economic decline characterized by a decrease in economic activity. Synonyms for depressions include slumps, downturns, declines, recessions, and crises. Each term is used to describe economic conditions that result in decreased employment, decreased production, decreased consumption, and decreased income. Slumps and downturns are used to describe short-term economic declines, while recessions and crises refer to longer-term economic downturns. No matter the term used to describe it, depressions are difficult times for everyone, characterized by high unemployment, increased poverty, and a general economic malaise.