Great Depression Macro Exam
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11 Terms
Great Depression
Severe global economic downturn starting in 1929; caused massive unemployment and deflation. (Chapter 23)
Stock market crash
1929 collapse in stock prices; triggered panic and reduced wealth. (Chapter 23)
Banking crises
Bank failures due to bad loans and loss of trust; reduced credit and money supply. (Chapter 23)
Loss of trust in banking system
People withdrew deposits; banks collapsed; money supply shrank. (Chapter 23)
Overproduction
Firms produced more than consumers could buy; inventories rose; production fell. (Chapter 23)
Unequal distribution of wealth
High inequality reduced consumption and made economy fragile. (Chapter 23)
High tariffs
Protectionist policies (e.g., Smoot‑Hawley) reduced international trade and worsened the crisis. (Chapter 23)
Dust Bowl
Environmental disaster destroying farms; reduced incomes and worsened rural poverty. (Chapter 23)
Federal Reserve mistakes
Fed tightened money supply instead of easing; deepened deflation and unemployment. (Chapter 23)
Savings > Investment
People saved more due to fear; consumption collapsed; AD fell sharply. (Chapter 23)