Ideas Flashcards
Overproduction
a situation in which more goods are being produced than people can afford to buy
Underconsumption
a situation in which people are purchasing fewer goods than the economy is producing
First “New Deal”
President Franklin D. Roosevelt’s domestic program from 1933 to 1939, which aimed to bring about immediate economic relief from the Great Depression
Public Works Projects
government-funded construction projects for public benefit
Second “New Deal”
focus away from recovery and toward social and economic reforms. aimed to provide Americans with relief, stability, and security.
Conservative
someone who cherishes and seeks to preserve traditional customs and values
Liberal
someone committed to the expansion of liberty
Radical
someone who wants to make sweeping social, political, or economical changes in a society
Court packing
To fill the court with a majority of judges that will vote a certain way
The First Hundred Days
the first three months of Franklin D. Roosevelt’s presidency, during which Congress passed a record number of bills in order to implement the New Deal and provide relief, recovery, and reform from the Great Depression
Trickle-down economics
an economic policy in which the government attempts to indirectly aid the needy by promoting economic growth at the business level in the hope that it will influence prosperity at all levels. Created by Andrew Mellon
Mass production
the manufacturing of goods on a large scale in factories
Supply/demand
the amount of a commodity, product, or service available and the desire of buyers for it
Dawes plan
developed by banker Charles Dawes, a plan for Germany to repay reparations after World War I by receiving loans from the United States. Money went in a circle to repay several country’s debts, but money was lost because of conversion costs
Comnunism
an economic or political system in which the state or the community owns all property and the means of production, and all citizens share the wealth
Socialism
a political theory that advocates ownership of the means of production, such as factories and farms, by the people rather than by capitalists and landowners
Laissez-Faire
the idea that the free market, through supply and demand, will regulate itself if government does not interfere
Okies
a nickname for a person who migrated from the Dust Bowl to California during the Great Depression
Normalacy
the concept of life as it was before World War I, when the nation could focus on its own domestic prosperity, which Republican candidate Warren G. Harding promoted during the 1920 presidential election campaign and which helped him win the presidency
Social welfare
government or private social services intended to aid disadvantaged groups
Welfare state
a social system in which the government takes responsibility for the economic well being of its citizens by providing programs and direct assistance
Business cycle
in a capitalist economic system, a recurring cycle of economic growth, decline, panic, and recovery
Relief
assistance, especially in the form of food, clothing, or money, given to those in special need or difficulty.
Recovery
the action or process of regaining possession or control of something stolen or lost.
Reform
make changes in (something, typically a social, political, or economic institution or practice) in order to improve it.
