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Chapter 4

Great Depression - Part II - Interward Period 1919-1939

less severe than a depression, a recession is a downturn in economic activity in which the value of goods and services declines. Part of the business cycle - Example (2008) Recession
a long period of severe economic and social hardship, massive unemployment, and suffering. Depression
an economic system in which individuals produce goods and prices are determined by supply and demand. market economy (capitalism)
an economic system in which both individuals and the government produce and sell goods. mixed economy
the quantity of a product that is available and the market's desire for that product; the price of the product varies based on supply and demand. supply and demand
in the economic cycle (or business cycle), the period of economic growth and expansion. prosperity
in the economic cycle (or business cycle), the period following a recession during which the value of goods and services rises. recovery
more goods being produced than being sold; leads to a decrease in production, which leads to increased unemployment. overproduction.
tariffs taxes on imported goods
a system of using tariffs to raise the price of imported goods in order to protect domestic producers. protectionism.
compensation from a defeated enemy for damages caused by war. In 1919, Germany was forced to pay these under the terms of the Treaty of Versailles. Reparations (reparation payments)
buying shares 'on margin' with the expectation that the value of the shares will increase enough to pay back the loan and make a profit. speculation
October 29, 1929 - when the New York Stock Exchanged collapsed. Black Tuesday
Name given to relief payment by the Canadian government, soemtimes in the form of vouchers for food and other essentials. pogey
an unemployed person who moves from place to place in search of work. transient
to send back to one's country of origin. deport
discrimination or hostility toward Jewish people anti-Semitism
the opposite of inflation, it occurs when the price of goods and services falls. deflation
a government in which the ruling party has more seats in the House of Commons than all other parties combined. majority government
a 1935 rail trip from Vancouver to Ottawa (stopped at Regina) by unemployed men to protest conditions at employment relief camps. On-to-Ottawa Trek
a riot that occurred when police attempted to clear On-To-Ottawa trekkers from a stadium in Regina. Regina Riot
a series of programs, such as social assistance for the aged and unemployed, introduced by US President Roosevelt in the 1930s to deal with the Depression. New Deal
laissez-faire an economic condition in which industry is free of government intervention.
welfare state a state in which the government actively looks after the well-being of its citizens.
Created by: pklassen