1930's Flashcards
(12 cards)
What was the nickname for the thirties?
The dirty thirties
In late 1920’s what began to fall?
Wheat prices
What did decrease in demand led to?
More products being produced than sold
What did US impose impose on imported goods?
Tariffs
Policy is referred to as what?
Protecterism
After ww1 Germany was unable to make what payments to who?
Reparation payments to France and Britain
What were the 6 main causes of the Great Depression?
- Canada’s dependence on primary resource exports
- overproduction of goods
- Canada’s close ties to the US economy
- Versailles Reparations
- high level of personal debt
- Canadians bought stocks on margin
What are the four parts to the economy circle?
Boom/prosperity, recession, depression, recovery
What happens in boom/prosperity?
Economy approaches full employment, high income levels drive the price of labour of food
What happens in recession?
The economy slows, few jobs are created and some are lost, companies reduce their production of goods
What happens in depression?
Prices of goods and services fall dramatically, wages fall, a prolonged period of time
What happens in recovery?
Production increases, new jobs are created, companies are calling laid-off workers and ordering new equipment, rate for employment increases
