Vocabulary
What is speculation?
Answer: Buying stocks hoping to quickly sell them for a profit.
What event is considered the trigger of the Great Depression?
Answer: The Stock Market Crash of 1929.
Approximately how many U.S. banks failed between 1930 and 1933?
Answer: About 9,000.
By 1933 unemployment reached about what percentage?
Answer: Nearly 25%.
What was the Dust Bowl?
Answer: A severe environmental disaster caused by drought and poor farming practices.
What is a tariff?
Answer: A tax placed on imported goods.
What date is known as Black Tuesday?
Answer: October 29, 1929.
Why did many banks fail after the stock market crashed?
Answer: Borrowers couldn’t repay loans.
What were breadlines used for?
Answer: To receive free food.
What were Black Blizzards?
Answer: Massive dust storms.
What is deflation?
Answer: A sustained drop in the general price level of goods and services.
How did high tariffs hurt the U.S. economy?
Answer: Other countries raised tariffs, reducing international trade.
During deflation, do prices generally rise or fall?
Answer: Fall.
What was a Hooverville?
Answer: A shantytown built by homeless Americans.
Who were the Okies?
Answer: Migrant families, many from Oklahoma, who moved west seeking work.
What is a bank run?
Answer: When many people withdraw their money from a bank because they fear it will fail.
Why were farmers already struggling before 1929?
Answer: Farm surplus caused crop prices to fall.
Why does deflation slow the economy?
Answer: People delay spending because they expect prices to keep falling.
Name one way families survived during the Great Depression.
Answer: Examples include gardening, making clothes from flour sacks, sharing resources, children working odd jobs, or combining households.
Where did many Okies migrate?
Answer: California.
What is a surplus?
Answer: Producing more goods than can be sold.
The Stock Market Crash was the only cause of the Great Depression.
FALSE
Put these in order:Bank Failure, Speculation, Deflation
Speculation, Bank Failure, Deflation
What were the three goals of the New Deal?
Answer: Relief, Recovery, and Reform.
Name the four major categories of causes of the Great Depression.
Answer: Political, Economic, Monetary, and Environmental.