The Role of Government in Society and Economy, Understanding the Great Depression and Its Impacts, Key Concepts of Classical Economics and Government Intervention

Role of Government

Uphold rights, freedoms, and protect property rights.

Conservative Ideology

Opposes government intervention and welfare spending.

Modern Welfare State

Government actively provides essential services to citizens.

Interventionism

Government intervenes in the economy for stability.

Safety Net

Programs ensuring minimum standard of living for citizens.

Socialism

Mixed economy combining private and public enterprises.

Keynesian Economics

Government actively manages economy to avoid instability.

Boom-Bust Cycle

Economic fluctuations between periods of growth and recession.

Deficit Spending

Government spends more than it earns.

Progressive Taxation

Higher income leads to higher tax rates.

Civil Servants

Public sector workers providing government services.

Economic Recovery

Period following a recession with improving economy.

Economic Depression

Severe downturn in economic activity.

Public Sector

Government-run services and industries.

Private Enterprise

Business ownership not controlled by the government.

Mixed Economy

Economy with both private and government control.

Minimum Wage

Lowest legal wage employers can pay workers.

Emergency Relief

Government assistance during natural disasters.

Tax Breaks

Reductions in tax obligations for individuals or businesses.

Economic Equality

Fair distribution of wealth among citizens.

Inflation

General increase in prices and fall in purchasing value.

Welfare Programs

Government initiatives to support the needy.

Public Assistance

Aid provided to individuals in financial need.

Social Programs

Government initiatives aimed at improving social welfare.

Taxpayer Dollars

Money collected from citizens to fund government services.

Laissez-Faire Capitalism

Minimal government interference in economic activities.

Crisis Management

Government response to emergencies or disasters.

Economic Stimulus Package

Government spending to boost economic activity.

Trillions in Relief

Massive government spending for disaster recovery.

Public Ownership

Government ownership of resources and industries.

Support for Veterans

Government assistance for military service members.

Indigenous Education Funding

Financial support for Indigenous educational initiatives.

Climate Change Spending

Government investment in environmental protection efforts.

Post-Secondary Education Funding

Financial support for higher education institutions.

Government Accountability

Responsibility of government to serve the public.

Economic Stability

Consistency in economic performance and growth.

Government's Common Good Role

Ensuring societal welfare through intervention.

Economic Assistance

Support provided to individuals during financial hardship.

Rights and Freedoms

Fundamental entitlements guaranteed to citizens.

Social Support Systems

Networks providing assistance to those in need.

Taxation During Prosperity

Increased taxes when the economy is thriving.

Taxation During Recession

Decreased taxes to stimulate economic recovery.

Government Spending Cuts

Reduction of government expenditures on services.

Balanced Budgets

Government spending equals its revenue.

Laissez-Faire Economics

Minimal government interference in economic activities.

Individual Liberty

Personal freedom in all societal aspects.

Technological Progress

Advancement in technology driving economic growth.

Monopoly

Market dominance by a single entity, limiting competition.

Economic Cycle

Fluctuations in economic activity: prosperity, recession, depression, recovery.

The Roaring 20s

Period of economic prosperity and cultural change in America.

Black Tuesday

Panicked selling sparked first day of most the most detrimental Stock Market crash, on October 29, 1929.

Consumer Debt

Accumulation of debt by individuals for consumption.

Stock Market Speculation

Investing based on expected price increases.

Surplus Goods

Excess products produced beyond consumer demand.

Unregulated Banking

Lack of government oversight on financial institutions.

Economic Disparity

Unequal distribution of wealth among individuals.

Investment Risks

Potential losses associated with financial investments.

Market Optimism

Positive outlook on economic growth and investments.

Get Rich Quick Schemes

Investment strategies promising fast financial returns.

Personal Savings Rate

Percentage of income saved by individuals.

Banking Institutions

Organizations providing financial services and loans.

Economic Overproduction

Production exceeding market demand, leading to waste.

Investor Panic

Mass selling of stocks due to fear.

Financial Collapse

Total failure of economic systems or institutions.

Government Regulation

Laws governing economic and business practices.

Market Restraints

Limitations placed on economic activities by authorities.

Capitalism

Economic system based on private ownership , free markets and profit.

Human Suffering

Negative impacts on individuals due to economic failures.

Environmental Tragedies

Destruction of ecosystems due to industrial practices.

Economic Competition

Rivalry among businesses for market share.

Market Crash

A sudden decline in stock prices.

Life Savings Loss

Many lost all their investments.

Bank Collapse

Hundreds of banks failed due to withdrawals.

Bank Insurance

Protection for depositors, lacking during the crash.

Great Depression

Severe global economic downturn from 1929 to 1941.

Unemployment Rate

One in four people were jobless.

Laissez-faire Government

Minimal government intervention in the economy.

Herbert Hoover

Republican president during the Great Depression.

Infrastructure Projects

Government investments to create jobs.

Hoover Dam

Major project initiated to provide employment.

Dust Bowl

Severe drought affecting Midwest farming. in middle America in 1930s

Okies

Migrants from Oklahoma seeking better opportunities.

Migrant Workers

People moving for agricultural jobs.

Dorothea Lange

Photographer known for capturing Depression-era struggles.

FDR

Franklin Delano Roosevelt, American political leader whose ideas in interventionism lead to ideas like The New Deal and countless ‘fireside chats’

The New Deal

Roosevelt's plan for economic recovery.

Welfare State

Government provides social support/services for citizens. (safety net )

Monetary Policy

Control of money supply and interest rates.

Fiscal Policy

Taxation and government collecting and spending strategies.

Inflation Control

Raising interest rates to manage inflation.

Bank Lending Rates

Cost of borrowing money from banks.

Social Welfare

Government programs to aid the needy.

Hobos

Homeless individuals traveling for work.

Joblessness

Widespread unemployment during the Great Depression.

New Deal

FDR's program for economic recovery and reform. In great depression ( designed to put people to work )

Relief

Immediate action to halt economic deterioration.

Reform

Permanent programs to prevent future economic crises.

Alphabet Agencies

Federal agencies created under the New Deal.

Social Security Act

Established old age and survivors insurance.

Fair Labor Standards Act

Set minimum wage and labor standards.