businesses
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Due to the stock market crash of 1929 and bank closures that followed, many businesses faced major deficits. Because of these lost profits, their workers’ hours and wages were cut. In turn, as workers were paid less, they lowered how much they spent and refrained from purchasing unnecessary luxury goods. With less demand, more and more businesses had to cut back wages and lay off some of their workers. A large amount of businesses could not cope with these changes and had to leave all their workers unemployed.