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Great Depres. Vocab

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Word
Def.
Federal Reserve   federal government's central bank that sets interest rates. enforces accounting/lending rules, and loans money to local banks  
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Relief   the first part of FDR's economic plan- help people with their immediate needs, such as hunger and homelessness and jobs  
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Buying on Margin   to buy a stock or product by paying only a small part of the purchases price and borrowing the remember  
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Prosperity   an economic condition in which you (or the nation) are experiencing good times  
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Hardship   an economic condition in which you (or the nation) are experiencing bad times  
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Hoovervilles   1930's name for a shantytown. Named after President Hoover; who was blamed for not working to stop the Great Depression  
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Dust Bowl   the area of an environmental disaster - the topsoil of Midwestern farms blew away- many farmers to abandon their land  
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Consumer   a person who purchases and uses a particular product or resourcce  
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Okies   People from Oklahoma fleeing west to escape the Dust Bowl in search of work and food; slang name for these migrants  
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Over-speculation   When too many people make risky investments based on rising prices rather than the real value of the asset; the result is a boom-and-bust cycle in that market (e.g. the stock market)  
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Reform   The third part of FDR's economic plan- it focused on regulating entire industries such as banking and securities trading (stocks) to prevent another Great Depression  
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Defaulted   To fail to meet financial obligations/not able to pay a debt  
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Overproduction   To make more of something than is necessary or more than can be used  
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Tariff   A tax on imported goods used to protect domestic producers and raise revenue ($$)  
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Recovery   The second part of FDR's economic plan - impose restrictions on wages and prices to bring the economy under its control to end the Depression  
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Great Depression   A devastating economic turndown that began with the Stock Market Crash of 1928  
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