Economic Equality
This is a type of economic system where the gov't will make almost all economic decisions.
Command economy.
This is a period of prolonged economic downturn, usually lasting more than six months.
Depression
This was a key event that sparked the beginning of the Great Depression.
Stock market crash of 1929
This is the basic problem that all economic systems are trying to respond to.
Scarcity
This type of economic system is defined by competition, supply and demand, and no gov't intervention.
There is a decline in economic activity during this period.
Recession
This is when people take out loans in order to invest in stocks.
Buying on the margin
A command economy is also known by this name.
Centrally planned economy.
This is an example of a way that the US gov't creates economic equality within a capitalist system.
Affirmative Action
There is an improvement in economic activity during this period.
Recovery
This was an effect of the Great Depression.
Business failure, unemployment, poverty, the dustbowl, bank runs, extremism, the welfare state.
This refers to the gov't creating social programs that protect individuals in a mixed economy.
Safety net.
This is the idea that everyone should receive similar pay for similar work.
Equitable distribution of income.
During this time, prices, demand, and employment rates are high.
Boom
This economist suggest that gov'ts should spend during recessions and save during booms.
Keynes.
This is a political ideology evident before and during the first few years of the Great Depression.
Classical liberalism
This describes a rise in prices over time which decreases the purchasing power of the consumer.
Inflation
During this time, prices, demand, and employment rates are low.
Bust/depression
This was a response to the Great Depression by the US gov't.
FDR's New Deal
These are actions taken by a central bank to regulate the economy such as raising and lowering interest rates and printing or destroying money.