Economy Flashcards
(37 cards)
What is sharecropping?
A system where farmers work land owned by someone else in exchange for a share of the crops produced.
What is a telegraph?
A device that transmits messages over long distances using coded signals.
What is a telephone?
A device that allows for voice communication over distances.
What are railroads?
Tracks on which trains run, crucial for transportation and commerce.
What was the Gilded Age?
A period in U.S. history characterized by economic growth and ostentatious wealth.
What does laissez-faire mean?
An economic philosophy of minimal government intervention in the market.
What was the Homestead Act?
A law that provided land to settlers for a small fee, encouraging westward expansion.
What was the Progressive Era?
A period of social activism and political reform in the United States from the 1890s to the 1920s.
What is the Interstate Commerce Act?
A law regulating the railroad industry and its monopolistic practices.
What are tariffs?
Taxes imposed on imported goods to protect domestic industries.
What are Levittowns?
Mass-produced suburban housing developments built after World War II.
What are trusts?
Legal arrangements where multiple companies combine to reduce competition.
What is trust busting?
Government actions aimed at breaking up monopolies and trusts.
What are recession indicators?
Signs that the economy is slowing down, such as rising unemployment and decreased spending.
What does ‘dust on shelves’ indicate?
A sign of reduced consumer spending and economic stagnation.
What does active construction signify?
An indicator of economic growth and investment in infrastructure.
What was the Dawes Plan?
A plan to help Germany pay reparations after World War I by restructuring its debt.
What was Black Tuesday?
The day the stock market crashed on October 29, 1929, marking the start of the Great Depression.
What was the New Deal?
A series of programs and reforms introduced by President Franklin D. Roosevelt to combat the Great Depression.
What are the 8 Causes of the Great Depression?
War debt, overproduction, unequal distribution of wealth, high tariffs, credit bubble burst, stock market crash, bank runs, and the Dust Bowl.
What is war debt?
Debt incurred by a country as a result of financing military operations.
What is overproduction?
A situation where production exceeds demand, leading to unsold goods and economic downturn.
What does unequal distribution of wealth mean?
A situation where wealth is concentrated in the hands of a few, leading to economic disparity.
What are high tariffs?
Taxes on imports that can lead to trade wars and economic isolation.
