The Great Depression

Great Depression

A period of economic downturn that began after the stock market crash of 1929 and continued for a decade in the United States.

Economic boom

A period of rapid economic growth characterized by increased production, high employment rates, and rising incomes.

Stock market

A marketplace where shares of publicly traded companies are bought and sold.

Black Tuesday

Refers to October 29, 1929, when the stock market crashed, leading to a severe economic downturn during the Great Depression.

Foreclosures

Forced sale of a home or other asset when a loan is not being repaid.

Downsized

the reduction in the size or scale of a business or organization, often resulting in job cuts and cost-saving measures.

Drought

A prolonged period of abnormally low rainfall, leading to water shortages and adverse effects on agriculture and the environment.

Hoovervilles

Makeshift communities of homeless people during the Great Depression, named after President Herbert Hoover, who was criticized for his handling of the crisis.

Shantytowns

Crudely made dwellings.

Emergency Banking Act

A law enacted in 1933 by President Franklin D. Roosevelt to stabilize the banking system and restore public confidence in financial institutions.

New Deal

FDR’s plan for relief and recovery from the Great Depression.

Works Progress Administration (WPA)

A New Deal agency established in 1935 that employed millions of people through public works projects.

Social Security Act

A law passed in 1935 as part of the New Deal, which established a system of social insurance, including retirement benefits, unemployment insurance, and assistance for the disabled and needy.

Arsenal of democracy

A term used to describe the United States' role in supplying military equipment and resources to its allies during World War II.

Speculation

Investing in future profits of businesses.

Share

An equal part of a company's value owned by an investor who will receive a proportional amount of its profits.

Credit

Money lent or advanced, often to be paid back with interest.

Bank run

An event where customers demand more money than a bank has available.

Unemployment rate

The percentage of the labor force that is not working.

Dust Bowl

Name for plains region in the United States that suffered severe Dust storms and drought during the 1930’s

arsenal of democracy

The phrase used by President Franklin D. Roosevelt calling for workers to ramp up production for WW2