7.9 Cultural and Political Controversies

Black Tuesday

The day the stock market crashed on October 29, 1929, marking the start of the Great Depression.

Buying on Margin

Borrowing money to buy stocks, hoping to sell them at a higher price to make a profit.

Purchasing on Credit

Buying goods now and agreeing to pay for them later, often with added interest.

Overproduction

Making more products than people can buy, leading to unsold goods and economic problems.

Bank Failures

When banks run out of money and close, causing people to lose their savings.

Unemployment Rate

The percentage of people who want to work but can't find jobs.

Hawley-Smoot Tariff

A 1930 law that raised taxes on imported goods, which made the Great Depression worse by hurting international trade.

Bonus Army

A group of World War I veterans who protested in Washington, D.C., in 1932, demanding early payment of bonuses promised to them.