2025 Great Depression/New Deal Vocabulary

Black Tuesday

Tuesday, October 29, 1929, the day that the stock market crashed

Communism

a system of government in which in theory, there is no private property and there are no economic classes

Okie

nickname for a farmer who left the Dust Bowl in search of work; many of these farmers were from Oklahoma

Federal Housing Administration (FHA)

1934, encouraged loans for renovating or building homes

Fair Labor Standards Act (FLSA)

1938, established minimum wages and maximum hours for many workers

Second New Deal

1935, a new set of programs in the spring of 1935 including additional banking reforms, new tax laws, new relief programs; also known as the Second Hundred Days

Margin Buying

buying a stock by paying only a fraction of the stock price and borrowing the rest

Speculation

investing money at great risk with the anticipation that the price will rise

Public Works

government-funded building projects that provide jobs

Hoover Flag

Nickname given to a pocket turned inside-out (demonstrating your pockets are empty)

Federal Deposit Insurance Company (FDIC)

1933, established an insurance program for deposits in many banks

Securities and Exchange Commission (SEC)

1934, provided increased government regulation of trading on stock exchanges

Social Security Act (SSA)

1935, established pensions for retirees, unemployment insurance, and aid for certain groups of low-income or disabled people

Civilian Conservation Corps (CCC)

1933, provided jobs on conservation projects to young men whose families needed relief.

Works Progress Administration (WPA)

1935, provided public-works on a wide-range of projects for many of those needing relief

New Deal

A series of reforms enacted by the Franklin Roosevelt administration between 1933 and 1942 with the goal of ending the Great Depression.

Fireside Chats

radio broadcasts made by FDR to the American people to explain his initiatives

Relief, Recovery, Reform

The three goals of FDR's New Deal.

The Grapes of Wrath

The story follows the fortunes of a poor family as they travel from the Dust Bowl region to California. based on the great depression written by John Steinbeck

Herbert Hoover

Republican candidate who assumed the presidency in March 1929 promising the American people prosperity and attempted to first deal with the Depression by trying to restore public faith in the community. He didn't use the government to help the people.

Dust Bowl

Region of the Great Plains that experienced a drought in 1930 lasting for a decade, leaving many farmers without work or substantial wages.

"Black Blizzards"

A slang term for Dust Bowl storms.

Hoovervilles

Depression shantytowns, named after the president whom many blamed for their financial distress

dust pneumonia

a disease of the lungs caused by breathing lots of dust

Election of 1932

Democrat Franklin D. Roosevelt, beat the Republican, Herbert Hoover, who was running for reelection. FDR promised relief for the unemployed, help for farmers, and a balanced budget.

Warren G. Harding

president who called for a return to normalcy following WWI

bank run

A situation in which many depositors simultaneously decide to withdraw money from a bank

Agricultural Adjustment Act (AAA)

a law enacted in 1933 to raise crop prices by paying farmers to leave a certain amount of their land unplanted, thus lowering production

Court Packing Scheme

FDR's plan to "pack" the Supreme Court with supporters to keep his New Deal programs from being declared unconstitutional

"Happy Days Are Here Again"

FDR's optimistic campaign song 1932

Chain of Supply

a system of people, resources, activities and information involved in moving a product from producer to consumer.

common goods

goods that all people may use free of charge but that are of limited supply, such as fish in the sea or clean drinking water.

cost-benefit analysis

a study that compares the costs and benefits from a business opportunity or proposal.

supply and demand

an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)

economic interdependence

a reliance on others, as they rely on you, to provide goods and services to be consumed

market conditions

Refers to number of features of a market such as the level of sales, the rate at which they are changing and the number and strength of competitors

opportunity costs

benefit missed when an investor, individual or business chooses one alternative over another.

producers

people or companies who provide a good or service of value.

Traditional Economy

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

specialization

the development of skills in a specific kind of work