1-3

Question 1

Recession

Answer 1

Slowdown in economic activity for 2 or more consecutive quarters (6 months), people are nervous and cautious

Question 2

Depression

Answer 2

Severe decline in economic activity with widespread unemployment; last longer than a recession and has a larger decline in business activity (3 or more yrs), people fear and panic

Question 3

Intro Facts Group 1

Answer 3

-Economic depression
-Spread worldwide
-Worst economic disaster in U.S. history
-10 yrs. 1929-1940
-Affected everyone

Question 4

Intro Facts Group 2

Answer 4

-2nd most serious crisis U.S. history
-Involved all regions of U.S.
-11,000 banks failed/closed.
-Stock market lost 80% of its value.
-25-30% workers lost jobs.

Question 5

Intro Facts Group 3

Answer 5

-Economic sectors affected
-25% had hours reduced
-# of goods & services made fell by 1/3

Question 6

Factors of Recession

Answer 6

1. Employment
2. Industrial Employment
3. Income
4. Sales
5. Healthy Stock Market

Question 7

Employment

Answer 7

Do people have jobs?

Question 8

Industrial Employment

Answer 8

Are businesses doing well?

Question 9

Income

Answer 9

Are peoples wages sufficient to their needs?

Question 10

Sales

Answer 10

Are people spending or hoarding