American History - Unit 7 ✅

Business cycle

The natural pattern where the economy goes through ups and downs over time

Gross National Product

The total value of the goods and services produced by a country

Herbert Hoover

The Republican president of the U.S. when the Great Depression struck America who worked as a mining engineer before politics and was a humanitarian. He had lots of confidence in the prosperity of the economy, which ended up hurting America.

Speculation

When people buy a stock just because they think they can quickly sell it did a higher price, not really taking into account its long term value

Black Tuesday

On October 29, 1929 when more than 16 million shares of stocks were sold as the stock market collapsed in the Great Clash. Billions of dollars were lost and whole fortunes were wiped out.

Great Depression

A severe economic crisis after the stock market crash where businesses failed, banks closed, unemployment was high, and people couldn’t afford basic needs

Hawley Smoot Tariff

A tariff that raised taxes on foreign imports to such a level that the foreign goods could not compete in the American market