Great Depression Econ Test

Pension: A regular payment made during a person’s retirement from an investment fund to which that person or their employer has contributed during their working life

Social Security: a form of federal pension & disability aid

Price ceiling: maximum price amounts, such as rent control caps—to protect consumers

Manufacturing: the making of articles on a large scale using machinery; industrial production

Frictional unemployment: the unemployment which exists in any economy due to people being in the process of moving from one job to another.

Buying on margin: the practice of purchasing stocks with borrowed funds, allowing investors to buy more shares than they could with their own money

Macroeconomics: the unemployment which exists in any economy due to people being in the process of moving from one job to another.

Franklin D. Roosevelt: President after the Great Depression, tried to fix everything with the New Deal

Glass-Steagall Act: a new deal act that limited investment activity and strengthened loan requirements

Great Recession: the economic downturn from 2007 to 2009 after the bursting of the U.S. housing bubble and the global financial crisis

Seasonal unemployment: predictable unemployment and usually occurs at the same time each year

Fiscal policy: the use of government spending and taxation to influence the economy

agriculture: the science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.

Keynesian Economics: this theory held that the government could help the economy recover by creating demand through public works projects and gov. jobs with tax income and borrowed money; this would, they hoped, spur consumer spending and restart the capitalist wealth creation cycle

Great Depression: a severe, world-wide economic disintegration symbolised in the United States by the stock market crash on "Black Thursday", October 24, 1929

interventionism: governmental interference in economic affairs

labor unions: an organisation of workers in a trade, industry, or company that is created to represent the workers in negotiations with management over issues of pay, benefits, and working conditions

welfare state: a system whereby the government undertakes to protect the health and well-being of its citizens, especially those in financial or social need, by means of grants, pensions, and other benefits. The foundations for the modern welfare state in the US were laid by the New Deal programs of President Franklin D. Roosevelt.

John M. Keynes: an early 20th-century British economist, best known as the founder of Keynesian economics and the father of modern macroeconomics

structural unemployment: unemployment resulting from industrial reorganisation, typically due to technological change, rather than fluctuations in supply or demand.

Karl Marx: a German philosopher during the 19th century. He worked primarily in the realm of political philosophy and was a famous advocate for communism. He cowrote The Communist Manifesto and was the author of Das Kapital, which formed the basis of Marxism

price floor: a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service

speculation: the act of purchasing an asset (a commodity, good or real estate) that has a substantial risk of losing value but also holds the hope of gaining value in the near future

assembly line: a process of production which enables a continuous efficient rolling process. Usually, it involves a good, such as a car, moving along a conveyor belt. As it moves slowly along, workers add different parts to the car

cyclical unemployment: when the demand for goods and services in an economy decreases, forcing companies to lay off workers in an effort to cut costs