Vocabulary
Gross National Product
The total value of all goods and services produced in a nation
Federal Reserve System
The nation's national bank
Forecloser
A lender taking over ownership of a property from an owner who has not made loan payments
Drought
A period of below average rainfall
Woody Guthrie
Singer and songwriter who wrote songs about the Great Depression
Herbert Hoover
Republican president elected in 1928
Black Tuesday
October 29,1929 -- the worst day of the stock market crash
Hobo
Person who travels, usually by train, in search of a job
Dust Bowl
Areas where severe dust storms destroyed topsoil, homes, and farm equipment
Associative State
Hoover's term for voluntary partnership between business associations and government
Buying stocks on margins
Buying stocks with loans from stockbrokers
Great Depression
The most severe economic downturn in the history of the United States
Hooverville
Shantyville where homeless people lived during the Great Depression
Okie
A person who left the Dust Bowl to move to California
Hoover Dam
Dam built by private business and paid for by the government
Cooperative
An organization owned and controlled by its members
Reconstruction Finance Corporation
government program that provided money to banks and other institutions
Smoot-Hawley Tariff Act
law passed in 1930 that placed tariffs on many imported goods