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Great Depression

7-4.3 Review

What were the causes of the Great Depression? high unemployment, people had a lot of debt, bank mismanagement, cost of WWI
What is a reason that banks were a cause of the GD? They lent out risky loans that could not be paid back
What is a reason unemployment was a cause of the GD? People with no jobs have no money to spend, this caused businesses to go bankrupt and loans weren't paid back
How was WWI a cause of the GD? Countries were torn apart and needed to rebuild, rebuilding was extremely expensive even with Germany paying reparations.
What does buying "on margin" mean? When a person wants to buy a stock, but borrows some of the money to do it.
What is inflation? The rate at which the price of goods/services increases; a percentage
Who was president in the US during the Great Depression? Hoover, then Franklin D Roosevelt
What was Black Tuesday? the stock market crash of 1929; billions of dollars were lost and companies had to lay off workers
In supply and demand, demand is: How much people want a product
In supply and demand, supply is: How much of a product is available
During the Great Depression, there was ______ was greater than demand supply
Effects of the Great Depression were similar to the causes, they included: unemployment, bankruptcy, bank closings, homelessness
How did the US collapse effect Europe? It made the worldwide depression worse because the economies depended on each other.
Many countries returned to ___, thinking they needed to focus on themselves to get out of the depression. Isolationism
Welfare capitalism was: Capitalism that includes policies to help society when it is needed
Totalitarianism is: a government system where leaders have total authority and seek to control daily life
US responded to the Great Depression with: The New Deal
The New Deal included: financial reforms and social programs to help the US get out of and stay out of depression
Protectionist Policies are: (Britain's response) policies that are meant to protect a country's industries from foreign competition
During this time (early 1930s), _____ is taking power in Germany Hitler
Which 3 countries turned to totalitarian governments? Italy, Japan, and Germany
The Great Depression was used as a reason for these countries to return to: Isolationism
totalitarian government, belief that Germans are superior, and absolute power of the fuhrer is known as: Nazism
an economic and political system in which goods are owned in common and are available to all as needed Communism
a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies Socialism
government is run by a dictator who controls the lives of the people, people are not allowed to disagree with the dictator; extreme nationalism Fascism
censorship to keep someone from writing, saying, or sharing something that is seen as inappropriate or wrong
Gestapo Nazi Secret Police
Joseph Stalin dictator; Soviet Union
Benito Mussolini dictator; Italy
Adolf Hitler Fuhrer; Germany
Created by: cassandra_lock