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Great Depression vo.
Question | Answer |
---|---|
stock speculation | "buying on margin"; investors borrow money to buy stock hoping that stock prices increases will pay off the loan |
Federal Reserve Bank | bankers' bank; prints money and raise or lower intrest rates to either encourage or discourage borrowing by banks, businesses, and consumers |
Smoot-Hawley Tarrif | taxes on imported goods voted on by Congress to protect American businesses from competition with other companies; discouraged int'l trade which created a worldwide economic depression |
business and bank failures | these companies fail when they can no longer make a profit because they invested their profits unwisely or there is little demand for their products |
unemployment | the rate or percentage of qualified people willing to work but cannot find a job because the economy provides no work for them |
hunger and homelessness | during the Great Depression many people stood in breadlines for free food or lived in shacks made from discarded items |
farm foreclosures | many farms were taken from farmers by banks because prices for farm products were low and when farmers' incomes dropped they couldn't repay their loans |
Social Security | pension given to American workers who have paid a tax on their wages so that they have an income after they retire |
work relief | New Deal programs like the CCC which gave people government jobs |
environmental improvement | New Deal programs like the CCC had workers plant trees, build levees for flood control, and improve national parks |
farm assistance | New Deal programs like the AAA helped raise prices for farm products by paying farmers to leave some of their land uncultivated, to destroy some crops, milk, and livestock |
labor rights | Fair Labor Standards Act set a minimum wage for workers and abolished child labor; Wagner Act guaranteed workers the right to form unions and to bargain collectively with employers |