1920s & 30s

What __effect__ does an __increase in supply__ usually have on the price of a good?

Generally decrease the price of a good

What is a market economy?

system where the laws of supply and demand direct the production of goods and services

What are the three main economic sectors?

Primary, secondary, tertiary

What is the primary sector of the economy?

obtaining or providing natural raw materials

What is the secondary sector of the economy?

transform raw materials into goods; manufactoring

What is the tertiary sector of the economy?

services, selling of goods

economy

the wealth and resources of a country or region, especially in terms of production and consumption of goods and services

demand

how badly people want that product

supply

the availability of a particular product or commodity

greater supply

producers need to attract more buyers, so they lower prices

lower supply

higher price

free market

an idealize market that is not controlled by the government

market economy

system where the laws of supply and demand direct the production of goods and services (little to no interference of production)

command economy

government controls production and prices of items

primary industry

An industry that deals with the extraction of raw materials: mining, agriculture, forestry

Secondary Industry

converts raw materials into commodities and products for consumer; manufacturing industry

Tertiary Industry

provides goods and service to its consumers (range of businesses: store clerks, banks, schools, restaurants)

revenue

money collected by the government from taxes and tariffs (citizen ⇒ money ⇒ government)

expenditure

money spent by the government (building roads, schools, etc)

deficit

when the government's spendings are greater than its revenue

loan

borrowed money that is expected to pay back with interest

debt

owing money

credit

customer can obtain goods or services before payment, based on the trust that payment will be made in the future (e.g. credit cards)

Stocks/Stock Market

gives you a share in the ownership of a company (buy low, sell high)

"buying on the margin"

borrowing money from a broker to purchase stocks (buying stocks with the money you don't have)

export

sell (goods or services) outside the country

import

bring (goods or services) into a country from abroad for sale.

laissez-faire

belief that economies and businesses function best when there is no interference by the government

tariffs

tax on imports

protectionism

theory or practice of shielding a country's domestic industries from foreign competition by taxing imports

inflation

A continuous rise in the price of goods and services

deflation

a decrease in the general level of prices

Economic Cycle

ups and downs that lead to growth of an economy

interest

The monetary charge for borrowing money. It is usually expressed as a percentage charged annually on a loan (i.e., 5%)

Keynesian Economics

economic theory proposes increased government expenditure in response to economic depression?

What country had a command economy in the 1920s and 1930s?

the USSR

Who is credited with the development of Keynesian Economics?

John Maynard Keynes

what is a strike

A collective refusal by employees to work under the conditions required by employers

 

A tactic used by workers during a labour dispute

Winnipeg General Strike

the large strike in Canada in 1919 (one of the country’s largest)

Why do employees strike

pressure their employers into agreeing to **higher wages** or **better working conditions**

causes of the winnipeg general strike in 1919

Economic downturn following WWI

 

Increased unemployment

 

Large numbers of soldiers returning home but no jobs

 

Poor working conditions (low wages, long hours. Few rights)

why did the winnipeg general strike __worry the government and the business company__ especially

Feared it would lead to Bolshevik (communist) revolution

What did the workers involved in the Winnipeg General Strike want?

better wages, better working conditions, right to collective bargaining

collective bargaining

The negotiation of wages and conditions of employment by an organized body of employees (i.e., by a labour union)

Why did the mayor of Winnipeg fire most of the Winnipeg Police Department?

The police officers were largely sympathetic to the striking workers

bloody saturday

riot that broke out when the North-West Mounted Police were sent to break up the Winnipeg General Strike

How did the Winnipeg General Strike end?

The strikers called off the strike in order to avoid further bloodshed

Assembly Line

allowed American manufacturers to increase the speed and overall production

what is the effect of credit?

allowed American consumers to buy goods they had previously been unable to afford to buy

Jazz

a genre of music became increasingly popular and mainstream during the 1920s

Radio and Film

medias that became increasingly important as a source of news and entertainment in the 1920s

Prohibition

production, transportation, and sale of alcohol was prohibited

when did prohibition happen

1920s-1933

Growth of organized crime

Unintended consequence of Prohibition

autonomy

The right or condition of self-government

increased canadian autonomy

Creation of Canadian Corp (military) during WWI, had own seat at Paris Peace Conference, had own seat at League of Nations

Chanak Crisis

A dispute over the presence of Allied troops in the Straits Region of Turkey.

led to the fear of war between Britain and Turkey

Why did the Chanak Crisis represent a move towards greater Canadian autonomy?

Canada refused to __automatically support Britain__ in its conflict with Turkey

Mustafa Kemal (“Ataturk”)

leader of Turkish forces during the Turkish War of Independence

Halibut treaty

first international treaty signed by Canada without Britain’s involvement

most important outcome of the Balfour Report

Britain and its Dominions (including Canada) were constitutionally equal

most important outcome of the **Statute of Westminster**

It **granted the Britain’s dominions full legal autonomy** except in those areas where they chose not to take advantage of that autonomy

King-Byng Crisis

The Governor General Byng ==chose not to accept PM King’s request to dissolve parliament== and call new elections as he believe that the __Conservatives, having the most seats, have a chance to form the gov’t__. King believed that this was an **attack on Canadian autonomy** (by the brits)

outcome of the king-byng crisis

A Governor General would never again refuse a request by a Prime Minister to dissolve parliament

Who were the Famous Five

Five Canadian women who petitioned the Supreme Court of Canada on the issue of the eligibility of **women to be appointed to the Canadian Senate**

reason women be appointed to the Canadian Senate prior to 1929

“persons” in constitution

persons case

name given to the case advocated by the Famous Five

Emily Murphy

the unofficial leader of the Famous Five

Why was the Persons Case sometimes seen as a step back in Canada’s road to autonomy

a British court was able to overturn a decision by the Supreme Court of Canada

Judicial Committee of the Privy Council

The court that the Famous Five appeal their case following the decision of the Supreme Court of Canada

First Nation, Inuit, Métis

three broad groupings of Indigenous people in Canada

assimilation

process by which a smaller culture is absorbed into a larger one

major steps that the Canadian government take to fasten assimilation of Indigenous people

Opening of Residential Schools, banning of Potlatch

Indian Act (1876)

law created to place Indigenous people under the authority of the Canadian government

Reserves

small parcels of land that Indigenous people were settled on by the Canadian government

Status Indian

people under the jurisdiction of the Indian Act

enfranchisement

government policy by which Indigenous people were **offered the right to vote** in exchange for **giving up their rights under the Indian Act**

failure of voluntary enfranchisement

Very few Indigenous people were willing to give up their rights under the Indian Act in exchange for the right to vote

canadian residential schools reputation

physical, emotional & sexual abuse, death of children, language loss, culture loss

potlatch

ceremony held by Indigenous people on the west coast of BC **to commemorate important events** (marriage, death, naming ceremonies). @@Involved feasting, dancing, singing, storytelling, and gift-giving@@

Allied Indian Tribes of British Columbia

Indigenous rights organization formed in BC after WWI to __pursue land claims__ and __recognition of Aboriginal title__

land claim

The pursuit by Indigenous people of recognition of their ownership of traditional territory

Aboriginal title

inherent Indigenous right to land or a territory

Duncan Campbell Scott

worked for the Department of Indian Affairs and was __a key advocate of the government’s assimilation policies;__ encouraged passing of bill 14

bill 14

Gave the government the **authority to enfranchise** individuals or entire bands **without their consent**. @@Indigenous university graduates and veterans@@ would **lose “Indian status”**

Cranmer Potlatch significance

the arrest of 45 Indigenous people: 22 people were sent to jail for their participation, priceless items and regalia were seized

What amendments were made to the Indian Act to prevent Indigenous groups from **pursuing land claims and recognition of Aboriginal title**

illegal to pursue land claims or recognition of Aboriginal title, Illegal to **raise money, hire a lawyer, or meet to discuss** pursuit of land claims

main causes of the Great Depression

1. Stock Market Crash
2. Agricultural & Industrial Overproduction
3. Over-investment in Stock Market
4. Low wages, financial inequality, increasing consumer debt
5. Poorly regulated banks

drastic decline in international trade

effect of the introduction of protectionist policies

effect of the Great Depression

1. Economic & Trade Decline
2. Increased Poverty, Unemployment & Homelessness
3. Changing role of government
4. Failure of Banks
5. Government Instability
6. Rise of New Political Parties

Co-Operative Commonwealth Federation (CCF)

socialist political party that was formed in Canada in 1932

social safety net

A system of programs that provides **benefits** and **financial** **relief to those who have lost their jobs** or **are living in poverty** @@(unemployment insurance and welfare)@@

Herbert Hoover

US president at the beginning of the Great Depression

Why did Herbert Hoover lose the US election in 1932

blamed for the Depression and his apparent inaction in dealing with the situation

Hoovervilles

The name given to the shantytowns that sprung up in many cities across the United States

Franklin Delano Roosevelt “FDR”

won the 1932 US Presidential elections

British economist John Maynard Keynes advocate increased government spending during an economic depression

increased spending would “kick-start” the economy by providing jobs => increased consumer spending

The New Deal or “Roosevelt’s New Deal”

name given to Roosevelt’s program of increased gov’t spending and relief

what was in Roosevelt’s New Deal

1. Increased banking regulation
2. Creation of gov’t programs (Alphabet Agencies)
3. Creation of Farmer subsidies
4. Creation of Social Security System
5. End of Prohibition

relief work camps in the interior away from the cities

Canadian government response to the increasing number of unemployed young men