Key Terms
What is the term for the day the stock market crashed in 1929?
Black Tuesday
What was a significant cause of the Great Depression related to international trade policies?
High Tariffs and war debt policies
What policy did Herbert Hoover refuse to support during the Great Depression?
Federal welfare programs
What happened to many banks after the stock market crash?
Many closed due to lack of funds
What did many families do to cope with the economic difficulties of the Great Depression?
Developed habits of saving and thriftiness
What is the term for the arrangement to buy now and pay later for purchases?
Credit
How did the Great Depression affect unemployment rates in the U.S. by 1933?
Unemployment increased to 25% by 1933
How did Hoover views on government intervention affect his response to the economic crisis?
He believed in limited government intervention
How did easy credit in the 1920s lead to problems for consumers?
More Americans bought goods they could not afford
What role did soup kitchens play during the Great Depression?
They provided free or low-cost food to the hungry
What do we call little towns consisting of shacks during the Great Depression?
Shantytown
What was one major consequence of the Great Depression on American families?
Strengthened family bonds and resource sharing
What was Hoover's stance on tariffs during the Great Depression?
He supported tariff increases
Why did many farmers lose their land during the Great Depression?
Foreclosure due to inability to pay off loans
How did the Great Depression change consumer behavior in the U.S.?
It caused people to buy less and save more
What is the term for cash payments or food provided by the government to the poor?
Direct Relief
How did the Great Depression impact European countries economically?
It limited their ability to sell goods to the U.S.
What was the Bonus Army and what did they demand from the government?
The Bonus Army was a group of veterans demanding compensation for their service
What environmental disaster contributed to the agricultural struggles during the Great Depression?
Dust Bowl (drought and winds)
What was the significance of thriftiness during the Great Depression?
What do we refer to as the time when the economy plummeted and unemployment skyrocketed?
Great Depression
What was a long-term effect of the Great Depression on American society regarding public assistance?
Increased reliance on public welfare programs
How did Hoover's policies contribute to the perception of him during the Great Depression?
His policies were often seen as inadequate during the crisis
How did the Great Depression influence the stock market in the long term?
Permanent decline in the U.S. stock market
What nickname was given to shantytowns that sprung up the Great Depression?
Hoovervilles