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U.S. History > The Great Depression > Flashcards

The Great Depression Flashcards

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1
Q

What are the several factors in a consumer economy?

A 
higher wages
new products
clever advertising
lower costs
widespread availability of credit
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2
Q

1920-1929–

What prospered for the United States?

A

higher wages

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3
Q

Americans owned ______% of the world’s wealth.

A

40

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4
Q

The average annual income rose how much?

A

35%

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5
Q

What was a new product that changed the landscape of the country?

A

automobile

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6
Q

Automobiles built us cities like ___________, ____________, ___________, _____________.

A

Detroit, Akron, Dearborn, Flint

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7
Q

T or F

Automobiles further isolated the rural family.

A

F, liberated**

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8
Q

What was the only automobile made during this time called?

A

Model-T

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9
Q

Who developed the first automobile to be purchased by consumers?

A

Henry Ford

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10
Q

manufacturing process in which each worker does one specialized task in the construction of the final product

A

Assembly line

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11
Q

Because of the mass production of automobiles, what happened to the value of each one?

A

they cost less

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12
Q

________________ making became nation’s biggest single manufacturing industry of 1920s.

A

Automobile

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13
Q

What helped inform the public of new products?

A

clever advertising

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14
Q

Ad agencies hired psychologists to study how to appeal to people’s desire for ____________, ____________, ____________ and ______________.

A

youthfulness, beauty, health and wealth

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15
Q

Before the 1920s, most Americans paid ________ for everything.

A

cash

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16
Q

Because the new products were presented as very expensive to people, and no one had the money to pay for them, they used what?

A

loans

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17
Q

customers make partial payments over a period of time until debt is paid

A

installment plans

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18
Q

What fueled the growth of consumer spending?

A

buying on credit

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19
Q

what made buying on credit acceptable to public?

A

clever advertising

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20
Q

T of F

Buying on credit encouraged to buy all kinds of products.

A

T

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21
Q

depends on increased spending, causing larger profits for businesses, and creating bigger wages

A

Consumer Economy

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22
Q

The uneven prosperity only made the _______ that got richer.

A

rich

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23
Q

How did the government tax policy contribute to the imbalance?

A

taxes were cut for the wealthy

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24
Q

What two things became customary?

A

installment plans && buying on credit

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25
Q

the practice of making high-risk investments in hopes of getting a huge return

A

speculation

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26
Q

What kinds of people were playing the stock market && spending their life savings?

A

commonly just the wealthy, but ordinary citizens were getting involved too

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27
Q

allowed investors to purchase a stock for only a fraction of its prices and borrow the rest

A

buying on margin

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28
Q

Country’s warehouses were ___________________.

A

overstocked

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29
Q

too many goods= too little ___________

A

demand

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30
Q

Although wages rose, consumers were still unable to what?

A

afford to buy goods as fast as the assembly turned them out

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31
Q

an average of stock prices of major industries

A

Dow Jones Industrial Average

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32
Q

T or F

Stock deals with putting your money directly into a company.

A

T

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33
Q

a “stake” that you own from a company is called what?

A

a “share”

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34
Q

What changes as the stock market also changes?

A

the value of your share

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35
Q

The stock market continues to go up and then peaks September 3, _____?

A

1929

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36
Q

Prices soared far above their _______ value.

A

real

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37
Q

company’s earnings and assets

A

real value

38
Q

When was Black Thursday?

A

October 23

39
Q

stock prices fell slowly….

some brokers called in their loans and others continued to what?

A

loan out more money

40
Q

On October 23, the Dow Jones average dropped how many points in an hour?

A

21

41
Q

worried investors did what after the Dow dropped?

A

sold their shares

42
Q

How did bankers stop the panic and help stabilize for a few days?

A

they pooled money to buy stocks

43
Q

How many shares were sold on Black Tuesday?

A

16.4 million&raquo_space; a new record

44
Q

What was known as the Great Crash?

A

the collapse of the stock market

45
Q

Did the Crash only last one day?

A

NO, continued for a while

46
Q

By November 13 how many losses were made?

A

$30 billion

47
Q

a span in which the economy grows then contracts

A

The Business Cycle

48
Q

the lowest point of The Business Cycle is called what?

A

Depression

49
Q

Throughout the 1920s banks loaned out huge sums of??

A

$$$$$$

50
Q

After the Crash, businesses were unable to repay ________ after the Crash.

A

loans

51
Q

The banks called in their loans, but customers did not have what?

A

the cash to pay

52
Q

Why did so many people make bank runs after the Crash?

A

feared that the banks would run out of money– had to make withdraws

53
Q

withdraws could only be made if what was paid?

A

loans

54
Q

the bank could not get money fast enough to keep up with the demand of what?

A

withdraws

55
Q

what two major things led to bank failures?

A

bank runs and unpaid loans

56
Q

in just a few years, how many banks were shut down?

A

5,500

57
Q

What wiped out any savings people had left?

A

bank failures

58
Q

T or F

In 1933, money from 9 million savings accounts vanished.

A

T

59
Q

After the Crash, production was cut down by a lot, why?

A

businesses could not borrow money to produce to goods

60
Q

Most people were unable to buy ___________ after the Crash.

A

products

61
Q

As unemployment rose what happened?

A

business cut production and laid off workers

62
Q

T or F

consumers spent less and less $$$$.

A

T

63
Q

An unstable economy was unevenly distributed– meaning??

A

rich got richer

64
Q

industries produced more products than what they could _______.

A

sell

65
Q

buying stocks with borrowed money

A

over-speculation

66
Q

used the stocks as ____________ to buy more stocks

A

collateral

67
Q

an item of value that a borrower agrees to give up to the lender if the borrower cannot repay the loan

A

collateral

68
Q

Federal Reserve limited the money supply for what purpose?

A

to discourage lending in 1929

69
Q

There was too little money in circulation to help the economy ___________.

A

recover

70
Q

People of _________ levels of society were affected.

A

ALL

71
Q

homeless people that built shelters out of scraps

A

“Hoovervilles”

72
Q

Why were they named “Hoovervilles”?

A

they were named to mock President Hoover who many blamed for not resolving the crisis

73
Q

What was the Dust Bowl?

A

located in the central and southern Great Plains region; so much soil and dirt blew around this area

74
Q

farming practices stripped soil of protective layer- creating what?

A

erosion

75
Q

most severe of the dry years

A

“Black Blizzards”

76
Q

dirt was carried ________ to New York, D.C., and New England

A

east

77
Q

What went on for seven years?

A

drought, winds, and devastated farms

78
Q

___% families lost their farms.

A

60

79
Q

many families migrated where to look for relief?

A

California

80
Q

When did many recover from the Dust Bowl?

A

not until rains came in the 40s and WWII brought up farm prices

81
Q

How did the Dust Bowl effect people’s health?

A

physical and pschological

82
Q

What did the psychological effect lead to?

A

anxiety, depression, and suicides

83
Q

Who suffered the most after the Dust Bowl?

A

children

84
Q

thousands of children were in _________ _______.

A

bread lines

85
Q

what disease was rising after the Dust Bowl?

A

tuberculosis

86
Q

living conditions changed for many crowded what?

A

houses//apartments

87
Q

What did many men do during this time?

A

they were embarrassed of lost jobs, not able to support family, and some abandoned family

88
Q

What were women accused of?

A

taking jobs away from men

89
Q

What were many women worried about?

A

feeding children and providing money if abandoned

90
Q

general rise in _____________ against minorities.

A

hostility

U.S. History (11 decks)

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