Flashcards in Effects Of Depression On Individual Groups Deck (5)
Give three effects the depression had on farmers?
In 1933 income dropped 60%
Goods that farmers bought had only dropped 15% in price so couldn't afford what they needed
Many had to sell up
1933, 1 millions traveling to look for work
Give three effects of the depression on bankers?
Many lost jobs as banks went bankrupt
Banks tried to recover loans from companies which lead to higher unemployment
Many banks closed so little opportunity for other jobs
Give three effects of the depression on urban workers?
25% of the workforce was unemployed
In 1933 production was 1/5 of what it had been before the crash
Unemployment in cities was high between heavy industrial workers and blacks
Give three effects of the depression on businesses?
Between 1929 and 1933 100,000 businesses closed
Over three years wages dropped from 28 to 22 dollars
Many had to payback loans = bankrupt