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Great Dep. Vocab
test tuesday
| Question | Answer |
|---|---|
| stock speculation | also known as “buying on margin,” the practice by investors of borrowing money to buy stock hoping that stock price increases will help pay off the loan |
| Federal Reserve Banks | the bankers’ banks; they have the power to print money and raise or lower interest rates to either encourage or discourage borrowing by banks, businesses, and consumers |
| Smoot-Hawley Tariff | taxes on imported goods voted on by Congress to protect American businesses from competition from foreign companies; it discouraged international trade which created a worldwide economic depression |
| bank and business failures | -these companies are said to fail when they can no longer make a profit because they have invested their profits unwisely or there is little demand for their products |
| unemployment | the rate or percentage of qualified people willing to work who cannot find a job because the economy provides no work for them |
| hunger and homelessness | during the Great Depression many people stood in breadlines for free food or lived in shacks made from discarded materials |
| farm foreclosures | many farms were taken from farmers by banks because prices for farm products were low and when farmers’ incomes dropped they couldn’t repay their loans |
| Social Security | a pension given to American workers who have paid a tax on their wages so that they have an income after they retire |
| work relief | New Deal programs like the CCC which gave people government jobs |
| environmental improvement | New Deal programs like the CCC which had workers plant trees, build levees for flood control, and improve national parks; the TVA controlled flooding by building or improving dams to promote conservation |
| farm assistance | New Deal programs like the AAA which helped raise prices for farm products by paying farmers to leave some of their land uncultivated; the AAA also paid farmers to destroy some crops, milk, and livestock |
| labor rights | the Fair Labor Standards Act set a minimum wage for workers and abolished child labor; the Wagner Act guaranteed workers the right to form unions and to bargain collectively with employers |
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