Lecture 26 Part 2

These flashcards cover key terms and concepts discussed in a lecture on the Great Depression and the National Recovery Administration (NRA), focusing on economic principles and significant historical cases.

National Recovery Administration (NRA)

A New Deal agency established to stimulate the economy during the Great Depression through economic planning and regulation.

Economic Efficiency

The optimal use of resources to achieve the best outcomes, often associated with larger businesses under NRA policies.

Deflation

A decline in general price levels, which the NRA aimed to combat by keeping prices up.

Central Planning

An economic system where the government makes all decisions about the production and distribution of goods, exemplified by the Soviet Union.

Schechter Poultry v. N.R.A.

A landmark Supreme Court case that ruled against the NRA's overreach of power and established limits to federal regulation of local businesses.

Economic Signals

Market indicators that help consumers and producers make decisions, often disrupted by government regulations.

Consumer Choice

The freedom of consumers to select what they wish to purchase, which can drive market efficiency.

Middleman

An intermediary who facilitates transactions between producers and consumers; historically depicted as negative due to antisemitic views.

Commerce Clause

A clause in the U.S. Constitution that regulates commerce among the states, which the NRA violated by regulating local businesses.

Article I, Section 8

The section of the Constitution that outlines the powers of Congress, including the regulation of commerce among the states, highlighting limitations on federal authority.

Great Depression

A severe worldwide economic downturn in the 1930s characterized by high unemployment and decreased economic activity.