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The Great Depression
| Term | Definition |
|---|---|
| Great Depression | the economic crisis beginning with the stock market crash in 1929 and continuing through the 1930s |
| Overproduction | When more of an item is made than people either want or can buy. One of the causes of the Great Depression. |
| Crop Surplus | When farmers made more crops than they were able to sell. Led to low crop prices and struggling farmers. |
| Stock Market Crash | Event when the price of stocks lost their value and many people lost all of their money |
| Margin | Buying a stock by paying only a fraction of the stock price and borrowing the rest. Made the stock market crash even worse |
| Black Thursday and Black Tuesday | Oct. 24th and 29th in 1929. The Stock Market crashed, with many people losing all of their money |
| Bank Run | Widespread panic in which great numbers of people try to withdraw the money from the bank. Can lead to a bank failing when it runs out of money. |
| Dust Bowl | Series of Dust Storms that hit the Great Plains as a result of drought, high winds, and harsh farming techniques. |
| Drought | A long period with little to no rain |
| Okies | Refers to farmers who fled the Dust Bowl in search of work elsewhere. Many went to California looking for farm work. |
| Unemployment | The number of people who are actively looking for work but aren't currently employed. Peaked at 25% of Americans, or 15 million people, during the Great Depression. |
| Shanty Town | A very poor area where small shacks were built from scrap materials. Commonly known as a Hooverville during the Great Depression |
| Herbert Hoover | President of the United States from 1929 to 1933. Was president when the Great Depression began and wanted business to lead the recovery of the economy. |
| Rugged Individualism | Herbert Hoover's belief that people must be self-reliant and not depend upon the federal government for assistance. |
| Franklin D. Roosevelt | 32nd US President - He began New Deal programs to help the nation out of the Great Depression, and he was the nation's leader during most of WWII |
| Bank Holiday | All the banks were ordered to close until new laws could be passed. An emergency banking law was rushed through Congress. |
| Fireside Chats | Radio broadcasts made by President Franklin Roosevelt to the American people to explain his what the government was doing. |
| New Deal | A series of programs enacted by the Franklin Roosevelt administration between 1933 and 1942 with the goal of ending the Great Depression. |
| Three R's of the New Deal | -Relief: Help people right now -Recovery: Make the economy stronger -Reform: Changes so this never happens again |
| Deficit spending | Government practice of spending more than it takes in from taxes |
| Court Packing | President Roosevelt's plan to add up to six new justices to the nine-member Supreme Court after the Court had ruled that some New Deal legislation was unconstitutional |
| New Deal Coalition | The supporters of Franklin Roosevelt's New Deal |
| Conservative Criticism for the New Deal | Gives government too much power, costs too much money, and teaches people to rely on the government |
| Liberal Criticism for the New Deal | The New Deal did not do enough to help people in poverty and anyone struggling in society |
Created by:
MrsJungOMS
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