The Economy Grows
What did we just finish before the 1920's?
World War 1
What racist group had a revival during this time period?
The KKK.
What happened to your money if a bank closed during this time?
You lost it all.
What does the PWA and WPA work on?
Public good/public works (schools, parks, roads, etc.)
What does FDIC stand for?
Federal Deposit Insurance Company.
What is a recession?
An economic downturn.
What is prohibition?
You can't make, sell, and/or transport alcohol.
What is the stock market?
A system for buying and selling stocks.
Who does the New Deal place increased taxes on to fund the New Deal programs?
The rich/business leaders.
Who does Social Security give payments to?
retired, disabled, and/or unemployed people.
What is Gross National Product/GNP?
The total value of all goods & services.
What is the 18th amendment?
Prohibition.
What caused the stock market to collapse?
People selling too quickly, banks failing, too much borrowing on a margin.
What kind of programs give needy people jobs?
Work relief programs.
What does the FDIC do?
It insures your money at a bank, so you don't lose ALL of your money if that bank closes/fails
What was the economy driven by during the 1920's?
Consumer buying
What was the 19th amendment?
Gave women the right to vote.
What does it mean to default on a loan?
You fail to meet your loan payments.
What does the National Recovery Administration (NRA) push for?
A minimum wage and no child labor.
Who is treated unfairly under the PWA?
African Americans.
Tell me 2 of the 4 groups that are experiencing uneven prosperity during the 1920's.
Farmers: ↓ in demand, farmers in debt
Railroad and coal workers: ↑ in new technology took jobs
Textile workers: ↓ in cotton, ↑ in synthetic fibers
What is the Harlem Renaissance?
The increased spread of African American art and music across the US during the 1920's.
List 2 of the 3 economic factors that caused the Great Depression.
The gap btwn rich and poor
Increase in borrowing money
Thousands of banks close
What is the distinctive difference between the PWA and the WPA?
The WPA included artists
Where does Social Security get its funding from?
Taxes from workers and employers (comes out of your paycheck)