With lower prices, businesses such as textile mills, railroads, farmers, car manufacturers and others earned less revenue. With less revenue, businesses could not afford to pay people as much and/or employ as many people. In the Great Depression, the economy suffered unemployment as high as 25 percent, and wages fell. As prices decreased, business revenues decreased, wages decreased and unemployment increased. When people were earning less or were unemployed and were not earning any income, they bought fewer goods and services. As a result, businesses earned even less revenue. With wages decreasing and unemployment increasing, borrowers were not able to repay loans. Loan defaults and bankruptcies followed, which produced more bank failures and further declines in output, prices and employment.