Theories
A law of Economics which states that when supplies of goods become plentiful, prices drop. Conversely, prices rise when supply levels drop.
What is Supply and Demand?
31st President of the United States from 1929 to 1933 during the Great Depression.
Who is Herbert Hoover?
The Banking Act of 1933 is also known as this
What is the Glass-Steagall Act?
Big business owners who gain large profits from paying extremely low wages to their employees
What is a robber baron?
2 + 2 - 1
What is a recession?
Law of economics created by Adam Smith that states that a profitable business must produce more efficiently and sell at lower prices than its competition.
What is the Law of Competition?
26th President of the United States, shared many of the goals of the Progressive movement, known as the "trustbuster"
Who is Theodore Roosevelt?
What is the Interstate Commerce Act of 1887?
An establishment for the manufacturing of goods
What is a factory?
Capital of California
What is the Sacramento?
Holds qualities of community and teamwork, also known as a "perfect" society.
What is Utopianism?
Gilded Age industrialist, the designer of the Pullman Palace sleeping car. Famous for declining to raise wages at one of his plants, leading to the famous Pullman Strike.
Who is George Pullman?
This plan postponed Germany's reparations payments and opened possibilities of taking private loans from America. This was essentially a plan to revive Germany's economy.
What is the Dawes Plan?
A market in which there are many buyers but only one seller
What is a monopoly?
The direct event that caused the Great Depression
The organization of workers who have the right to negotiate better working conditions, wages, etc.
What is Unionism?
A German philosopher, economist, political theorist, and revolutionary socialist who wrote the famous Communist Manifesto.
Who is Karl Marx?
This gave Congress the power to tax income
What is the 16th Amendment?
A market structure where competition is shared by few producers and sellers
What is an oligopoly?
This bill provides a college education to returning veterans.
What is the G. I. Bill?
An economic system in which the government owns parts of industry and offers welfare to the less fortunate.
What is Socialism?
President of the American Railway Union and a founding member of the Social Democratic Party of America.
Who is Eugene Debs?
This was established by Congress in 1913 to regulate currency and develop banking practices to provide a system for the economy.
What is the Federal Reserve System?
One view of wealthy business leaders is a robber baron. They are seen as immoral, corrupt, and greedy. The opposite of that classification (ingenious and industrious capitalists who transformed the economy) is known as a
What are captains of industry?
In this essay, Andrew Carnegie argued that wealthy Americans have a responsibility to spend their money to help the greater good