Economic and Social Impact during the Great Depression

A collection of vocabulary flashcards covering key terms and definitions related to economic and social impacts during the Great Depression.

Inflation

Rising prices.

Creditor Nation

Country which is owed more money by other countries than it owes to others.

Henry Ford

Founder of the Ford Motor Company, known for revolutionizing the automobile industry.

Mass Production

Production of goods in large numbers through machinery and assembly lines.

Model T

Automobile manufactured by Henry Ford to be affordable on the mass market.

Scientific Management

Approach to improving efficiency in manufacturing processes.

Assembly Lines

Arrangement of equipment and workers where production moves from operation to operation.

Consumer Revolution

Flood of new, affordable goods after World War I.

Installment Buying

Method where buyer makes a small down payment and pays the rest in regular monthly payments.

Bull Market

Period of rising stock prices.

Buying on Margin

System of buying stocks where the buyer pays a small percentage of the purchase price.

Business Cycle

Periodic growth and contraction of the economy.

Speculation

Practice of making high-risk investments for large profits.

Great Depression

Period from 1929 to 1941 when the U.S. economy faltered.

Hawley-Smoot Tariff

Protective tax on imports enacted in 1930.

Bread Line

Line of people waiting for food assistance.

Hooverville

Makeshift shantytown set up by homeless individuals during the Great Depression.

Tenant Farmer

Farmer who pays rent to a landowner for using the land.

Dust Bowl

Term for the central and southern Great Plains during the 1930s when drought and dust storms occurred.

Okies

General term for Dust Bowl refugees.

Repatriation

Process of returning persons to their country of origin.

Localism

Policy wherein local and state governments act as primary agents of economic relief.

Trickle-Down Economics

Economic theory suggesting benefits given to banks and businesses will eventually benefit lower classes.

Hoover Dam

Dam built during the Great Depression on the Colorado River.

Fireside Chats

Informal radio broadcasts by Franklin D. Roosevelt.

Black Tuesday

October 29, 1929, the day of the stock market crash.

New Deal

Programs and legislation pushed by FDR during the Great Depression.

Reconstruction Finance Corporation (RFC)

Federal agency set up to provide emergency credit to banks and businesses.

Federal Deposit Insurance Corporation (FDIC)

Agency created to insure bank deposits.

Civilian Conservation Corps (CCC)

New Deal program providing jobs in environmental conservation.

Tennessee Valley Authority (TVA)

Agency created to build dams for flood control and electric power generation.

Public Works Administration (PWA)

New Deal agency providing jobs constructing public infrastructure.

Wagner Act

New Deal law recognizing labor unions and collective bargaining.

Social Security Act

1935 law establishing a social insurance program.

Emergency Banking Act

Allowed the inspection of banks and restored confidence.

Rural Electrification Administration (REA)

Agency established to bring electricity to rural areas.

Federal Emergency Relief Administration (FERA)

Agency providing direct relief during the Great Depression.

Glass-Steagall Act

Separated commercial and investment banking.

Securities and Exchange Commission (SEC)

Agency protecting investors and regulating securities markets.

Banking Act of 1935

Reformed the Federal Reserve System.

National Industrial Recovery Act (NIRA)

New Deal law promoting industrial recovery.

Agricultural Adjustment Act (AAA)

1933 law aimed at raising crop prices through subsidies.

Federal Housing Administration (FHA)

Agency insuring bank-issued mortgages to stabilize housing market.

Work Progress Administration (WPA)

Program providing jobs through public works.

Credit in the 1920s

Allowed ordinary people to purchase goods they could not afford.

Causes of the Great Depression

Including speculation, overproduction, bank failures, and declining consumer confidence.

Differences in Urban and Rural Areas during the Great Depression

Impact on employment, job opportunities, and services available.

Hoover's Strategy vs. FDR's Approach

Comparison of limited intervention policies and the New Deal.