what is economic crisis

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well it is huge task to deal with every person has his own idea of living his life.depending upon various life styles of the persons there is a demand of goods so depending upon the quantity ,quality of the goods the value will be calculated if the goods are rarely available then value of the good will be low and it is vice verse many people think of living luxurious life to full fill there needs they have to work hard if they dont get enough pay they will borrow r they will make debts banks will be providing all the debts and inreturn the person shud pay some extra than he took if he is unable to pay the bank will seeze r take away all has goods but in some cases it doesnt happen if the debt is tooo high then the bank gets closed due to which there will be economic crisis