Social Great Depression Quiz – Flashcards
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overproduction, wages not keeping up with prices, inflation, increased buying of stock, weak banking system
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what were some of the main causes of the great depression?
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at first Hoover did not think of the Great Depression as a terrible crisis. he felt the government should stay out of this certain affair. he was against relief programs and asked many private business leaders to keep the jobs of some Americans
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what was Hoovers fist response to the crash of the stock market?
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because of the great depression and loss of money, many people lost their jobs. the unemployment rate was rising because of the depression. many banks also closed because of the depression and a lot of money was lost.
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how bad was the overall depression? what were the economic effects of this crisis?
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the great depression caused many people to lose their jobs along with their income. this caused many families to loose their homes and not be able to buy food. the marriage rate and birth rate went down during the depression. no one could afford certain necessities for life anymore.
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what were the social effects of the depression?
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when president Roosevelt was elected into office, he first set up his plan for the new deal. the new deal set up many reform groups during the great depression to help get people back on their feet. he set up his first hundred days plan to help the banks and set up new laws.
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what was Roosevelt's response to the great depression?
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strengthen banking system, stabilize stock market, put unemployed to work, aid the elderly and people unable to work, stop poverty, and institute an old age insurance system.
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what were the goals of the new deal?
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most people felt the new deal was a good thing, besides the government which felt the nation should be kept with a laissez faire style gov. many also felt, that in the end, the new deal programs just helped to lift the spirits of most people in poverty and show that people were trying to help. the real end of the great depression occured when WWII came into place and Roosevelt made the nation enter that war.
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what were some effects of the new deal?
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if the government was to print more money it would not have made much of a difference. prices of most products would have just risen even higher, leaving the percentage of average prices remaining the same.
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why was it impractical to print more money?
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after WWI, many farmers did not have enough money because there were no more products in demand. many farmers suffered because of the lack of money along with the problems with the dust bowl. in an effort to help the nation again, the government payed farmers not to grow certain crops, so that those specific crops would become "supply in demand" and later prices would go down and wages would go up.
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what were the effects of the great depression on farmers?
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the money that was invested in stock was metaphorical money. it was never really there. investors payed certain amounts of money to stock brokers who bought stock. all the investors received was a piece of paper saying how much that paper represented. they never actually had the money. so when the stock market crashed, all the money was already used up by the companies and the money "disappeared".
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when the stock market crashed on black tuesday, what happened to all the money lost?
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civilian conservation corporation
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CCC
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federal emergency relief administration
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FERA
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national recovery administration
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NRA
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federal deposit insurance corporation
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FDIC
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Works Progress Administration
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WPA
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Public Works Administration
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PWA
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National Labor Relations Act
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NLRA
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Tennessee Valley Authority
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TVA
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National Industrial Recovery Act
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NIRA
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Agricultural Adjustment Act
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AAA
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Securities Exchange commission
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SEC
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buying on credit
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installment buying
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paying for only a small amount of your product when buying stock
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buying on margin
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shacks where the homeless lived
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hooverville
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Where FDR tried to add more members of the democratic side to the Supreme Court to pass his programs.
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court packing
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when a union representing a group of workers negotiates with management for a set contract
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collective bargaining
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region in the central great plains that was hit my severe drought during the 1930s
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dust bowl
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The British economist John Maynard Keynes believed that the government could pull the economy out of a depression by increasing government spending, thus creating jobs and increasing consumer buying power.
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Keynesian Economics
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rise in prices and decrease in value of money
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inflation
