19 terms

The Great Depression

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"Hoovervilles"
Nickname for the shacks built near the city dump by homeless people
Herbert Hoover
31st President, Millionaire, Mining Engineer, Food Administrator during WWI, President when the Stock Market Crashed in 1929
Black Tuesday
October 29, 1929 when panicked sellers traded nearly 16 million shares on NYSE when stocks' value fell 12%
Dust Bowl
Also known as the "Dirty Thirties"; a period of severe drought on the Great Plains in rural America that hurt farming methods and production.
The Grapes of Wrath
A novel by John Steinbeck (1939) Tom Joad's family is forced off their Oklahoma farm due to the Dust Bowl. Set out for California to find work, land, and hope for a better future.
The New Deal
A series of social liberal programs enacted in the U.S. between 1933-1938 by FDR to combat the effects of the Great Depression.
Franklin D. Roosevelt
32nd President - Democrat - Only President elected four times, crippled by polio, led the U.S. through the Great Depression and World War II.
Bankruptcy
financial failure caused by a company's inability to pay its debts
Fireside Chat
weekly radio addresses given by FDR to reassure the country during
the Great Depression
Balanced Budget
occurs when government revenues equal expenditures.
Depression
is a very severe recession; a period of severely declining economic activity spread across the economy (not limited to particular sectors or regions) normally visible in a decline in real GDP, real income, employment, industrial production, wholesale-retail credit and the loss of the overall confidence in the economy.
Fiscal Policy
refers to spending and taxing policies used by the federal government to influence the economy.
Real Gross Domestic Product (GDP)
is a way to measure the total output of an economy and refers to the total market value, expressed in dollars, of all final goods and services produced in an economy in a given year adjusted for inflation.
National debt
refers to the total amount of outstanding government securities held by the public; it encompasses the financial obligations of a national government resulting from deficit spending, also called "public debt."
Personal income
refers to income received by people from all sources. It includes wages and salaries, rental income, profit, transfer payments, and interest income.
Money supply
is the quantity of money available in an economy; the basic money supply in the United States consists of currency, coins and checking account deposits.
Unemployment rate
is the percentage of the labor force that is willing and able to work, does not currently have a job and is actively looking for employment.
multiplier effect
An effect in economics in which one person's spending becomes income to another person, who intern can spend more and add to the income of the others.
Black Thursday and Black Tuesday
Oct. 24th and 29th in 1929. The Stock Market crashed losing over 30 billion in wealth.