great depression

Question 1

what makes the economy go

Answer 1

spending

Question 2

what is a recession
what does it lead to

Answer 2

the economy shrinks
leads to job loss

Question 3

what is an economic depression

Answer 3

a really bad recession
*someone has to name a depression

Question 4

confidence

Answer 4

when people have confidence they spend

Question 5

housing

Answer 5

1 indicator of the health of the economy; creates millions of jobs

Question 6

what do banks do with the money you give them

Answer 6

loan it out

Question 7

define mortgage

Answer 7

house loan

Question 8

define foreclosure

Answer 8

bank takes it back (usually a house)

Question 9

2008 housing crisis

Answer 9

housing created a bubble. all bubbles pop

2 trillion vanished- in the house, didn’t vanish

Question 10

what does it mean if you own a share/stock in a company

Answer 10

you own part of the company

Question 11

when do you make money in a stock

Answer 11

when you sell it

Question 12

when do you lose money on a stock

Answer 12

when you sell it. if you sell it for less than you bought it for

Question 13

who is the president when the great depression begins

Answer 13

herbert hoover

Question 14

what is the dow jones industrial average

Answer 14

barometer of the stock markets health

top 30 american businesses
ex) walmart. amazon. nike.

Question 15

bull vs bear market

Answer 15

bull- period of rising stock prices
bear- period of sinking stock prices

Question 16

what is black tuesday

Answer 16

the day the stock market crashed

Question 17

what day did the stock market crash

Answer 17

october 29, 1929

Question 18

by november, how much money was lost in the stock market

Answer 18

30 billion- went into stocks and investments

Question 19

why couldn’t people get their money out of the banks

Answer 19

all their money was loaned out

Question 20

how many people were unemployed at the height of the depression? what happened to those who kept their jobs?

Answer 20

25 % unemploymed, 13 million

pay cuts and reduced hours

Question 21

what is a tariff?
what impact did the tariff make?

Answer 21

tariff- tax on imports
hurts the economy
raise tariffs so people buy american

Question 22

what is trade

Answer 22

buying and selling

Question 23

when should you raise taxes?

Answer 23

raise- economy up
lower- economy down

Question 24

when should you save/spend your money

Answer 24

save: economy up
spend: economy down

Question 25

causes of the great depression

Answer 25

(in the 1920’s some americans were getting rick but most could not earn a decent living) 1.) industries in trouble companies are not making a profit, they are overproducing and people cannot afford the product. *quickest way for a company to save money is to lay off employees *when workers are laid off they cant spend 2.) farmers in trouble during the 1920’s farmers took out more loans and could not repay them. would lose their farms 3.) uneven distribution of income the rich got richer and the poor got poorer 4.) living in credit bought items in credit- buy now and pay later w/ interest

Question 26

when do people stop spending

Answer 26

when they go into debt

Question 27

what is the quickest way for a company to save money

Answer 27

lay off workers when they are laid off they cant spend

Question 28

shanty towns

Answer 28

little towns consisting of shacks. often in big cities

Question 29

where could people go to get free food

Answer 29

food pantries soup kitchens bread lines

Question 30

what were the conditions for minorities

Answer 30

highest unemployment rates paid the lowest

Question 31

one advantage of living in rural areas

Answer 31

farmers could grow their family food

Question 32

with ______ prices and rising _____ thousands of farmers lost their land

Answer 32

falling debt

Question 33

what is the dust bowl? what caused it?

Answer 33

drought that lasted 8 years didn’t rain enough, lots of dust storms, farmers overproduced and plowed wheat

Question 34

what 5 states were the hardest hit by the dust bowl? where did people move to?

Answer 34

kansas, oklahoma, texas, new mexico, colorado california

Question 35

how did families entertain themselves

Answer 35

board games ( monopoly ) radio go to the movies

Question 36

what does it mean to be “sent away”

Answer 36

send your kids to another family who can support them

Question 37

why were men having a hard time with the depression

Answer 37

they were accustomed to work and support their family, many were unemployed

Question 38

what did some men do to their families

Answer 38

abandon

Question 39

what were men who wandered from town to town called

Answer 39

hoboes

Question 40

did the federal gov. give food stamps and welfare out at the beginning of the great depression ?

Answer 40

no

Question 41

what did women do to try and help their families survive during the depression

Answer 41

can food sew clothes manage household budgets

Question 42

why were working women targets of resentment

Answer 42

women shouldn’t work when there are men unemployed

Question 43

why did people assume women had an easier time with the depression

Answer 43

few women were seen begging in food lines

Question 44

2 health problems children had to deal with

Answer 44

malnutrition rickets

Question 45

what happened to schools

Answer 45

falling tax revenues shorten school year / close

Question 46

where did some children end up working

Answer 46

sweatshops

Question 47

where did teenagers go? why was this so dangerous?

Answer 47

freight trains riders would get beaten or jailed prey to murderous criminals

Question 48

what happens to the suicide rate during the 1930’s

Answer 48

up 30%

Question 49

what did adults and young people stop doing

Answer 49

adults - going to dentist and doctor young - go to college/ have a family

Question 50

many people developed habits of saving and ____

Answer 50

thriftiness

Question 51

who become president in 1933? what is different about him physically?

Answer 51

FDR he is in a wheelchair, has polio

Question 52

in the first 100 days of FDR presidency how many new laws were passed? what are they supposed to do?

Answer 52

15 deal with the country’s economic problems

Question 53

what is the new deal

Answer 53

fdrs plan

Question 54

why did people not want the government getting involved in the economy

Answer 54

seemed like communism

Question 55

what is the most critical problem FDR faced

Answer 55

banking system / banks

Question 56

what were the banks doing that hurt so many average americans? why did this happen?

Answer 56

closing loaned out all their money to people who couldn’t pay it back

Question 57

what is the purpose of the FDIC

Answer 57

if the banks fail, people are guaranteed their money back

Question 58

what affect did FDR’s new laws have on americas confidence in the banks

Answer 58

PEOPLE HAD CONFIDENCE IN THE BANKS

Question 59

why were FDRs laws called alphabet soup

Answer 59

he created them into acronyms

Question 60

how many people worked for the CCC how much money did they get paid? what were their jobs? how old? stands for?

Answer 60

250,000 men 18-25 years old 30 a month and a room+board ^25 sent home built dams, roads, improve national parks, drain marshes civilian conservation corp

Question 61

the AAA came to the conclusion many of the farmers supplies needed to be destroyed. why?

Answer 61

pay the farmers not to farm

Question 62

what did the TVA do ?

Answer 62

public works

Question 63

the CWA provided work for 4 million people doing what?

Answer 63

public works construction social work teaching of literacy

Question 64

how did roosevelt tackle americas unemployment problem?

Answer 64

PUBLIC WORKS JOBS

Question 65

how many new deals were there?

Answer 65

2

Question 66

the social security act had 3 parts to it. explain

Answer 66

1. disability: you can spend even if you don’t work. 2. unemployment insurance: you can spend if you don’t have a job 3. old age retirement: retired people can still spend. keeps them out of poverty.

Question 67

SOCIAL SECURITY POT. EXPLAIN.

Answer 67

workers put in. government, grandparents, disability and unemployment take out.

Question 68

explain public works

Answer 68

public gets the benefit roads dams bridges parks schools creates jobs. people will spend.

Question 69

how does the united states get out of the depression?

Answer 69

government spends its way out.

Question 70

2 things hitler promises the german people

Answer 70

1) solve the depression 2) make them a world power

Question 71

compare FDR and hitler

Answer 71

both take office in 1933, both die in 1945

Question 72

balanced budget

Answer 72

take in as much money as you spend. * gov is supposed to have this

Question 73

budget surplus

Answer 73

make more money than you spend

Question 74

budget deficit

Answer 74

spend more money than you take in * measured in one year

Question 75

national debt

Answer 75

all the deficits combined * what fdr did to get out out of depression

Question 76

4 problems with social security now.

Answer 76

1) in 1935 there were 15 workers for every 1 person withdrawing money, in 2020 it’s 3:1 2) people are living longer which means they are withdrawing money from the SS longer 3) gov has borrowed over 1 trillion from ss fund. 4) baby boomers- largest and richest generation. withdrawing money and not paying in anymore