Great Depression

These flashcards cover key concepts and facts about the Great Depression and the New Deal, encapsulating major causes, events, impacts, and responses from the government.

What is the main economic pattern referred to as the Business Cycle?

An economic pattern of production and consumption.

What can lead a recession to become a depression?

A rapid decrease in demand or an overly large supply.

What is a Bull Market?

A market characterized by rising stock prices, which is generally good for businesses.

What is a Bear Market?

A market characterized by falling stock prices, leading to potential economic downturns.

What was a major consumer crisis leading to the Great Depression?

Too many people buying stocks on margin, leading to overproduction and job cuts.

What was the immediate cause of the Great Depression?

The Stock Market Crash on October 29, 1929.

What challenges did banks face during the Great Depression?

They had heavily invested in stocks and encouraged customers to do so; when customers couldn’t repay loans, banks began to close.

What was one major impact of the Dust Bowl?

400,000 farmers moved, many to California, becoming migrant workers.

What were some ways Americans were affected by the Great Depression?

Little or no money for food, job loss, standing in breadlines, and living in Hoovervilles.

What was FDR's goal when he mentioned a 'new deal'?

To provide new ideas and a plan to help Americans during the Great Depression.

What did the Tennessee Valley Authority (TVA) do?

Built dams to provide cheap electricity and established schools and health centers.

What was the purpose of the Civilian Conservation Corps (CCC)?

Provided jobs for young men to plant trees and build bridges.

What is the Federal Deposit Insurance Corporation (FDIC)?

Guaranteed that money placed in a bank would not be lost if the bank failed.

What were critics of the New Deal concerned about?

That the New Deal gave the federal government too much power over business and did not do enough to help the needy.

Did the New Deal end the Great Depression?

Supporters say yes, critics say it was World War II that ultimately ended the Depression.

What happened to the economy as the U.S. prepared for World War II?

The economy began to recover, production increased, and unemployment dramatically decreased.

What was the New Deal?

The New Deal was a series of programs and policies implemented by President Franklin D. Roosevelt during the Great Depression aimed at economic recovery.

What were the main goals of the New Deal?

The main goals of the New Deal were to provide relief for the unemployed, promote economic recovery, and reform the financial system.

What was the Dust Bowl?

The Dust Bowl was a severe drought in the 1930s that caused widespread crop failure and dust storms in the Great Plains of the United States.

What were the effects of the Dust Bowl?

The Dust Bowl led to the displacement of thousands of families, economic hardships for farmers, and contributed to the migration of people to California and other states.

How did the New Deal address issues caused by the Dust Bowl?

The New Deal introduced programs like the Civilian Conservation Corps (CCC) and the Soil Conservation Service to combat soil erosion and promote sustainable farming practices.