Flashcards to study the History of American Economics
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| time period in U.S. after WW1 where Americans spent too much money and helped lead us into Great Depression | show 🗑
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| show | Henry Ford
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| economic crisis in United States caused by overproduction and underconsumption, stock market speculation, stock market crash of 1929, buying on credit, and the Dust Bowl (drought) | show 🗑
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| show | overproduction
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| is when people don't buy enough | show 🗑
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| people trying to make quick money on the stock market - make quick money and take their money out of the stock market | show 🗑
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| considered the start of the Great Depression - gambling on stocks and speculation caused it | show 🗑
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| terrible drought in the Midwest during the Great Depression - farmers lost land, many moved out west in search of work | show 🗑
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| shacks, shanty towns for homeless people named for President Hoover who Americans blamed for the Great Depression | show 🗑
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| show | FDR's New Deal
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| show | Tennessee Valley Authority
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| part of FDR's Second New Deal - retirement money for elderly people and money for disabled | show 🗑
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| when men came home from WWII, it was the huge increase in population from all of the babies being born | show 🗑
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| first subdivisions (suburbs) - built because of housing need during baby boom - allowed people to live outside of cities | show 🗑
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| show | Interstate Highway Act
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| programs started like Medicare -> Johnson started war on poverty (schools, speed limits, EPA, etc) | show 🗑
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| health insurance for the elderly | show 🗑
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| show | Cezar Chavez
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| show | Reaganomics
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| set up NAFTA - North American Free Trade Agreement (free trade between the U.S.A., Canada, and Mexico) | show 🗑
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| Coin Money | show 🗑
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| show | Monopoly
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| an economy/ industry controlled by a small group | show 🗑
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| show | Free Market
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| show | Middle Colonies
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| this group of colonies had the BEST growing conditions | show 🗑
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| show | New England Colonies
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| the ecomonic system whereby the mother country makes money by starting colonies. the colonies supply the mother country with resources which she turns into products that are sold, even back to colonists | show 🗑
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| show | Economy
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| items a country sells to another country are called this | show 🗑
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| items a country buys from another country are called this | show 🗑
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| producing just enough food/ product for you and your family | show 🗑
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| tax on all imported goods to protect domestic products from foreign competition | show 🗑
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| show | Credit
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| money you owe to a business or person is called | show 🗑
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| show | Navigation Acts
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| movement to support the growth of the nation's economy, internal improvements was a big aspect | show 🗑
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| Henry Clay, method for advancing economic growth, protective tariffs, national bank, internal improvements, tariffs would promote American manufacturing, bank would keep system running smoothly, internal improvements would help and so on | show 🗑
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| first major financial panic, fault of Second Bank, which had tightened credit, deflation, large increases in unemployment, most severe in west, huge debt and foreclosure, nationalistic views shaken | show 🗑
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| This institution was chartered in 1816 under President Madison and became a depository for federal funds and a creditor for (loaning money to) state banks. It became unpopular after being blamed for the panic of 1819 | show 🗑
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| show | McCulloch v. Maryland 1819
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| show | Social Mobility
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| created by Truman, pushed for economic reform in a time of prosperity, was met with hostility, proposed goals as steps to universal healthcare and urban renewal | show 🗑
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| show | Panic of 1873
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| economic movement during the 1830's | show 🗑
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| 1801, his philosophy focused on protecting the common man from political and economic tyranny. He particularly praised small farmers as "the most valuable citizens." | show 🗑
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