Causes of the Depression
What happened when businesses and farms produced more goods than people could buy?
Overproduction
What does it mean when a person is unemployed?
They do not have a job and are looking for work.
Who was president when the Great Depression began?
Herbert Hoover
What was the name for FDR's programs to address the Great Depression?
THe New Deal
What is a tariff?
A tax on imported goods
What allowed people to buy goods and pay for them later?
Credit
What were Hoovervilles?
Shantytowns where homeless people lived during the Great Depression.
What belief emphasized individual responsibility rather than relying on government assistance?
Rugged Individualism
What three goals are associated with the New Deal?
Relief, recovery, and reform
What organization insured people's bank deposits?
FDIC
What was buying stocks with borrowed money called?
Buying on margin
What places provided free food to people during the Depression?
Breadlines and Soup Kitchens
What did the Hawley-Smoot Tariff place on imported goods?
A tax
What New Deal program provided jobs for young men doing conservation work?
CCC
What organization regulated the stock market?
SEC
What is the practice of taking financial risks in hopes of making a profit?
Speculation
What environmental disaster devastated farms during the 1930s?
The Dust Bowl
How did many other countries respond to the Hawley-Smoot Tariff?
They placed tariffs on American goods.
What New Deal program provided jobs through public works projects?
WPA
What did the TVA provide to parts of the rural South?
Electricity and jobs
What event in 1929 marked the beginning of the severe economic crisis?
The Stock Market Crash
Why did many farming families leave the Great Plains during the Dust Bowl?
They left to find work and better living conditions.
Who defeated Herbert Hoover in the 1932 presidential election?
Franklin D. Roosevelt
What New Deal program provided old-age pensions and other forms of economic assistance?
Social Security
What was one major criticism of the New Deal?
It increased federal power and deficit spending.