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Socials chapter 4

Vocabulary for chapter 4

recession less severe than a depression, a recession is a downturn in economic activity in which the value of goods and services decline
depression a long period of severe economic and social hardship, massive unemployment, and suffering
market economy an economic system in which individuals produce goods and prices are determined by supply and demand
mixed economy an economic system in which both individuals and the government produce and sell goods
supply and demand 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
prosperity in the economic cycle, the period of economic growth and expansion
recovery in the economic cycle, the period following a recession during which the value of goods and services rises
overproduction more goods being produced than being sold; leads to a decrease in production; which leads to increased unemployment
tariffs taxes on imported goods
protectionism a system of using tariffs to raise the price of imported goods in order to protect domestic producers
reparations compensation from a defeated enemy for damages caused by war
speculation 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
Black Tuesday October 29, 1929, when the New York Stock Exchange collapsed
pogey relief payments by a government, sometimes in the form of vouchers for food and other essentials
transient an unemployed person who moves from place to place in search of work
deport to send back to one's country of origin
anti-Semitism discrimination or hostility toward Jewish people
deflation in opposite of inflation, deflation occurs when the price of goods and services falls
majority government a government in which the ruling party has more seats in the House of Commons than all other parties combined
On=To-Ottawa Trek a 1935 rail trip from Vancouver to Ottawa (stopped at Regina) by unemployed men to protest conditions at employment relief camps
Regina Riot a riot that occurred when police attempted to clear On-To-Ottawa trekkers from a stadium in Regina
New Deal a series of programs, such as social assistance for the aged and unemployed, introduced by U.S. president Roosevelt in the 1930s to deal with the Depression
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
CCF (Co-operative Commonwealth Federation) Canada's first socialist party founded in the Prairies in 1932; advocated government control of the economy
capitalism an economic system in which the production and distribution of goods are owned privately or by shareholders in corporations who have invested their money in the hope of making a profit
Regina Manifesto platform of the CCF party; it supported public ownership of industry and social programs to assist those in need
Social Credit Party political party founded in Western Canada; opposed to capitalism
Union nationale nationalist French-Canadian political party led by Maurice Duplessis
Québec nationalism a movement advocating for the protection and development of Québecois culture and language
unionization the formation of labour unions
Rowell-Sirois report report of the Royal Commission on Dominion-Provincial Relations, a commission set up in 1937 to examine the Canadian economy and federal-provincial relations
equalization payments a federal transfer of funds from richer to poorer provinces
Keynesian economics an economic theory named for John Maynard Keynes (1883-1946) who advocated government intervention in the economy, especially during economic downturns
Created by: 4806jenna
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