Great Depression Vocabulary #2

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Terms in this set (...)

Traditional Economy
Rely on farming and barter/ early simplistic system
Market Economy
Controlled by supply and demand/ Private business dominates
Command Economy
Strong centrailized government makes all economic decisions
Arbitration
Process of resolving disputes by referring them to a third party
Mediation
Work with both sides in a dispute to help them reach an agreement
Mixed Economy
A combination of market and command
Social Security
Government pension for elderly
NAFTA
a free trade agreement signed between the US, Canada, & Mexico
Medicare
US Public Healthcare for Senior Citizens
Unemployment Insurance
Payments when you lose your job
Medicaid
US Public Healthcare for the Poor/ Children
Cost-Push
Price rises from increased production costs
Demand Pull Inflation
Price rises from increased demand
Harry Hopkins
Led Poverty Program FERA
Money Supply Inflation
Government Increases Money in Circulation leads to rise in prices
Strike
To stop working in protest
New Deal
Series of Programs designed to end Depression
Collective Bargaining
Negotiations between management and a union about pay/conditions
Wages
Payment for work usually hourly
Frances Perkins
Secretary of Labor/ 1st Woman in Cabinet
Benefits
Extra employee compensation like insurance and pensions
Pensions
Retirement pay
Adam Smith
Wrote "Wealth of Nations" Described Free Market Economy in 18th Century
Gross National Product
Total value of all goods and services produced within a country in a year.
Consumer Price Index
Government-issued index of retail prices of basic household goods/ services
Mercentilism
Establishment of colonies that would supply materials and markets
Mortgage
Loan agreement secured by property/ House
Minimum Wage
Lowest Rate of Pay allowed by law
Woody Guthrie
Influential Folksinger Pro Labor/ New Deal/ Sang Protest Music
"Brother Can You Spare a Dime?"
Unofficial Anthem of the Great Depression/ Bing Crosby Sang
FERA
Expanded services to the Destitute Masses with Food/ Shelter etc.
CCC
Employed teenage boys to work in forests to build National/ State Parks
TVA
Program built by hydroelectric plants and sold cheap electricity in South
WPA
Largest New Deal Program/ Employed Millions in Public Works
Federal Reserve Board
Central Banking System in the United States/ Regulates Money Supply
FDIC
Insures Bank Deposits in Member Banks up to $100,000
AAA
Provided Loans, Assistance, and Advice to Farmers effected by Depression
Mary McLeod Bethune
African American Educator/ Florida/ Advisor to FDR
Townsend Plan
Initial Old Age Pension Plan/ Rival of Social Security
Alf Landon
Republican Presidental Candidate 1936
Black Thursday
October 24, 1929 Stock Market Crash which helped trigger Depression
"This Land is Our Land"
Protest Style Folk Song Sung by Woody Guthrie