Economic and Historical Vocabulary Review

These flashcards cover important economic and historical terms related to the Great Depression and World War II.

Speculation

Buying stocks and bonds on the chance of a quick profit, ignoring the risks.

Buying on margin

Paying a small percentage of stock's price upfront, then borrowing the rest or putting it on credit.

Black Tuesday

October 29, 1929, the stock market crashes, leading to huge debts for those who bought stocks on credit.

Recession

A period of declining real GDP, accompanied by lower real income and higher unemployment.

Depression

A long-term economic state characterized by unemployment and low prices and low levels of trade and investment.

The Great Depression

The period between 1929-1940 in which the economy plummeted and unemployment skyrocketed.

Hawley-Smoot Tariff Act

1930 act that established the highest protective tariff in US history to protect American farmers and manufacturers.

Direct relief

Cash payments or food provided by the government to the poor.

Dust Bowl

The region in TX, OK, KS, CO, and NM rendered worthless for farming by drought and dust storms during the 1930s.

The 3 R's of the New Deal

Relief, Recovery, Reform.

Agricultural Adjustment Act (AAA)

1933 act that paid farmers to leave a portion of land unseeded and kill livestock.

Civilian Conservation Corps (CCC)

A program from 1933-1942 that provided 3 million jobs for young men aged 18-25.

Deficit spending

Spending more money than the government receives in revenue.

Works Progress Administration (WPA)

New Deal agency that created around 9 million jobs working on bridges, roads, and buildings.

Wagner Act

Legislation that protected workers’ rights to join unions and participate in collective bargaining.

Social Security Act

1935 act providing old age insurance for retirees and spouses, unemployment compensation, and aid to families with dependents.

Federal Deposit Insurance Corporation (FDIC)

Insured bank accounts due to loss of faith in banks during the depression.

Securities and Exchange Commission (SEC)

A government commission created by Congress to regulate the securities markets and protect investors.

Huey Long

Louisiana senator and presidential hopeful; proposed a nationwide social program called Share-Our-Wealth.

Eleanor Roosevelt

Active first lady involved in women's rights, humanitarian efforts, and education reform.

Frances Perkins

First female cabinet member; FDR's Secretary of Labor.

Fascism

A way of organizing a society under a government ruled by a dictator with no tolerance for dissent.

Cash and Carry

Policy allowing the British to purchase American goods if they paid in cash and transported them on their own ships.

Lend-Lease Act

Act allowing the US to give or lease military equipment to countries deemed vital to US defense.

Appeasement Policy

British policy to avoid war with Germany by conceding to Hitler’s territorial demands.

War Productions Board

Agency that assisted in the transition to wartime production.

Zoot Suit Riots

Attacks on Mexican Americans due to their style viewed as anti-American.

Korematsu v. US

Supreme Court case ruling that the internment of Japanese Americans was legal during wartime.

Yalta Conference

Meeting of the Big Three to decide to divide Germany into three controlled zones.

Potsdam Conference

Conference in which it was decided that unconditional surrender from Japan was necessary and plans for post-war peace were laid out.