Definitions
________ is a very severe recession; a period of severely declining economic activity spread across the economy.
Great Depression
What was President Hoover’s response to the Great Depression initially?
The President believed it was a temporary downturn in the market and did not want to expand the role of the federal government.
FDR was our _____ president.
32nd
Economy in which stock prices are rising.
Bull Market
How many terms did FDR serve?
12 years, more than 2 terms.
________ is general upward movement of prices for goods and services in an economy.
Inflation
Hoovervilles were...
Shanty towns were many unemployed people lived
Name of the programs created by FDR.
The New Deal
12.9 million stocks are sold in one day. This is known as...?
Black Thursday
Name of the late night talks broadcasted on the radio from FDR.
Fireside chats.
_______ is a a general downward movement of prices for goods and services in an economy.
Deflation
President Herbert Hoover believed what about the Great Depression?
3 reasons needed.
The Depression wouldn’t last long; economies go through downturns all the time
The Federal government can’t provide aid to the American people or else risk worsening the Depression.
Giving aid directly to Americans would shame them and wouldn’t help in the long-run.
Why did the Supreme Court challenge and strike down some of FDR’s New Deal programs?
The Supreme Court believed the New Deal programs were an overreach of the President’s powers.
Why did people's money disappear at the 'Run on the Banks'?
Banks and other financial institutions make excessive loans/ investments they are unable to pay back.
Group of WWI veterans who marched on Washington to receive their bonuses early.
Bonus Army
________ is the value of all goods and services a country produces within a year.
Gross Domestic Product- GDP
Which of these statements best describes Hoover’s approach for dealing with the Great Depression?
The nation needs unemployment insurance
It is up to local communities to provide aid for those in need
The national government should provide food and shelter for the homeless
It is up to local communities to provide aid for those in need
President Franklin Roosevelt’s New Deal policies contributed to what pattern in 20th century US. history?
Hint* Expansion of Government
The expanding role of the federal government
The Great Depression was caused by several key factors, resulting in a dramatic change in American society.
Identify 3 factors that led to the Great Depression.
Excessive lending and consumer debt
Speculation and Stock Market crash
Federal Reserve constricts money supply
How did overconsumption help lead to the Great Depression?
Consumers slowed their spending because they had purchased all they could on credit resulting in overproduction of goods.
________ an economic decline when trade and production are reduced.
Recession
Identify the criticisms FDRs programs received by people who believed the New Deal was an overreach of power.
The programs reflected socialist ideas rather than capitalist
Taxes the rich at a higher rate
Social Security punishes working people who are required to pay into it
There were many causes of the Great Depression. During this time, the government took actions to help the economy recover.
Name an action taken in response to the Depression.
The Federal Reserve constricts the money supply.
This method of farming was encouraged by the federal government to ease the effects of the Dust Bowl
Crop rotation