Hoover
31st President of the U.S. who was president during the start of the Great Depression
Herbert Hoover
What shape is the business cycle
A surplus of goods in the economy
Overproduction
The first group of citizens to feel the effects of the Great Depression
Investors.
shanty-towns that were built by the homeless and the very poor during the Great Depression
Hoovervilles
When the economy is at its best
Peak
Buying a good or service but not paying for it until a later time
The rise in sports and movies to distract people from hard times.
Escapism
Government made tariff in 1930 that was supposed to increase trade but actually made things worse.
Smoot-Hawley Tariff
When the economy is at its worst
Trough
Period of time BEFORE the Great Depression where there was high economic success
The Roaring 20s
Lines of people waiting to get free food.
Bread lines
Bonus Army
When the economy begins to go from good to bad
Contraction
October 19, 1929. The day of the worst stock market crash.
Black Tuesday
Group of people from the Midwest who moved West in order to find better work or land.
Okies
Economic theory used by Hoover, thought that giving money to businesses would make money more available to the poor
Trickle Down Economics
When the economy begins to improve
Expansion
Buying stocks with borrowed money.
Buying on margin
When the soil in states all over the Midwest became depleted and couldn't grow crops.
Dust Bowl