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great depression Flashcards

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1
Q

what makes the economy go

A

spending

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2
Q

what is a recession
what does it lead to

A

the economy shrinks
leads to job loss

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3
Q

what is an economic depression

A

a really bad recession
*someone has to name a depression

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4
Q

confidence

A

when people have confidence they spend

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5
Q

housing

A

1 indicator of the health of the economy; creates millions of jobs

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6
Q

what do banks do with the money you give them

A

loan it out

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7
Q

define mortgage

A

house loan

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8
Q

define foreclosure

A

bank takes it back (usually a house)

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9
Q

2008 housing crisis

A

housing created a bubble. all bubbles pop

2 trillion vanished- in the house, didn’t vanish

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10
Q

what does it mean if you own a share/stock in a company

A

you own part of the company

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11
Q

when do you make money in a stock

A

when you sell it

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12
Q

when do you lose money on a stock

A

when you sell it. if you sell it for less than you bought it for

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13
Q

who is the president when the great depression begins

A

herbert hoover

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14
Q

what is the dow jones industrial average

A

barometer of the stock markets health

top 30 american businesses
ex) walmart. amazon. nike.

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15
Q

bull vs bear market

A

bull- period of rising stock prices
bear- period of sinking stock prices

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16
Q

what is black tuesday

A

the day the stock market crashed

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17
Q

what day did the stock market crash

A

october 29, 1929

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18
Q

by november, how much money was lost in the stock market

A

30 billion- went into stocks and investments

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19
Q

why couldn’t people get their money out of the banks

A

all their money was loaned out

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20
Q

how many people were unemployed at the height of the depression? what happened to those who kept their jobs?

A

25 % unemploymed, 13 million

pay cuts and reduced hours

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21
Q

what is a tariff?
what impact did the tariff make?

A

tariff- tax on imports
hurts the economy
raise tariffs so people buy american

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22
Q

what is trade

A

buying and selling

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23
Q

when should you raise taxes?

A

raise- economy up
lower- economy down

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24
Q

when should you save/spend your money

A

save: economy up
spend: economy down

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25
Q

causes of the great depression

A

(in the 1920’s some americans were getting rick but most could not earn a decent living)
1.) industries in trouble
companies are not making a profit, they are overproducing and people cannot afford the product.
*quickest way for a company to save money is to lay off employees
*when workers are laid off they cant spend
2.) farmers in trouble
during the 1920’s farmers took out more loans and could not repay them. would lose their farms
3.) uneven distribution of income
the rich got richer and the poor got poorer
4.) living in credit
bought items in credit- buy now and pay later w/ interest

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26
Q

when do people stop spending

A

when they go into debt

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27
Q

what is the quickest way for a company to save money

A

lay off workers
when they are laid off they cant spend

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28
Q

shanty towns

A

little towns consisting of shacks. often in big cities

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29
Q

where could people go to get free food

A

food pantries

soup kitchens

bread lines

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30
Q

what were the conditions for minorities

A

highest unemployment rates

paid the lowest

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31
Q

one advantage of living in rural areas

A

farmers could grow their family food

32
Q

with ______ prices and rising _____ thousands of farmers lost their land

A

falling

debt

33
Q

what is the dust bowl? what caused it?

A

drought that lasted 8 years

didn’t rain enough, lots of dust storms, farmers overproduced and plowed wheat

34
Q

what 5 states were the hardest hit by the dust bowl? where did people move to?

A

kansas, oklahoma, texas, new mexico, colorado

california

35
Q

how did families entertain themselves

A

board games ( monopoly )

radio

go to the movies

36
Q

what does it mean to be “sent away”

A

send your kids to another family who can support them

37
Q

why were men having a hard time with the depression

A

they were accustomed to work and support their family, many were unemployed

38
Q

what did some men do to their families

A

abandon

39
Q

what were men who wandered from town to town called

A

hoboes

40
Q

did the federal gov. give food stamps and welfare out at the beginning of the great depression ?

A

no

41
Q

what did women do to try and help their families survive during the depression

A

can food

sew clothes

manage household budgets

42
Q

why were working women targets of resentment

A

women shouldn’t work when there are men unemployed

43
Q

why did people assume women had an easier time with the depression

A

few women were seen begging in food lines

44
Q

2 health problems children had to deal with

A

malnutrition
rickets

45
Q

what happened to schools

A

falling tax revenues

shorten school year / close

46
Q

where did some children end up working

A

sweatshops

47
Q

where did teenagers go? why was this so dangerous?

A

freight trains

riders would get beaten or jailed

prey to murderous criminals

48
Q

what happens to the suicide rate during the 1930’s

A

up 30%

49
Q

what did adults and young people stop doing

A

adults - going to dentist and doctor

young - go to college/ have a family

50
Q

many people developed habits of saving and ____

A

thriftiness

51
Q

who become president in 1933? what is different about him physically?

A

FDR

he is in a wheelchair, has polio

52
Q

in the first 100 days of FDR presidency how many new laws were passed? what are they supposed to do?

A

15

deal with the country’s economic problems

53
Q

what is the new deal

A

fdrs plan

54
Q

why did people not want the government getting involved in the economy

A

seemed like communism

55
Q

what is the most critical problem FDR faced

A

banking system / banks

56
Q

what were the banks doing that hurt so many average americans? why did this happen?

A

closing

loaned out all their money to people who couldn’t pay it back

57
Q

what is the purpose of the FDIC

A

if the banks fail, people are guaranteed their money back

58
Q

what affect did FDR’s new laws have on americas confidence in the banks

A

PEOPLE HAD CONFIDENCE IN THE BANKS

59
Q

why were FDRs laws called alphabet soup

A

he created them into acronyms

60
Q

how many people worked for the CCC
how much money did they get paid?
what were their jobs?
how old?
stands for?

A

250,000 men
18-25 years old
30 a month and a room+board
^25 sent home
built dams, roads, improve national parks, drain marshes
civilian conservation corp

61
Q

the AAA came to the conclusion many of the farmers supplies needed to be destroyed. why?

A

pay the farmers not to farm

62
Q

what did the TVA do ?

A

public works

63
Q

the CWA provided work for 4 million people doing what?

A

public works

construction
social work
teaching of literacy

64
Q

how did roosevelt tackle americas unemployment problem?

A

PUBLIC WORKS JOBS

65
Q

how many new deals were there?

A

2

66
Q

the social security act had 3 parts to it. explain

A
  1. disability: you can spend even if you don’t work.
  2. unemployment insurance: you can spend if you don’t have a job
  3. old age retirement: retired people can still spend. keeps them out of poverty.
67
Q

SOCIAL SECURITY POT. EXPLAIN.

A

workers put in.
government, grandparents, disability and unemployment take out.

68
Q

explain public works

A

public gets the benefit

roads
dams
bridges
parks
schools

creates jobs. people will spend.

69
Q

how does the united states get out of the depression?

A

government spends its way out.

70
Q

2 things hitler promises the german people

A

1) solve the depression
2) make them a world power

71
Q

compare FDR and hitler

A

both take office in 1933, both die in 1945

72
Q

balanced budget

A

take in as much money as you spend.

  • gov is supposed to have this
73
Q

budget surplus

A

make more money than you spend

74
Q

budget deficit

A

spend more money than you take in

  • measured in one year
75
Q

national debt

A

all the deficits combined
* what fdr did to get out out of depression

76
Q

4 problems with social security now.

A

1) in 1935 there were 15 workers for every 1 person withdrawing money, in 2020 it’s 3:1
2) people are living longer which means they are withdrawing money from the SS longer
3) gov has borrowed over 1 trillion from ss fund.
4) baby boomers- largest and richest generation. withdrawing money and not paying in anymore

history (9 decks)

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