Term
| What problem faced production and wages during the 1920s? |
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Definition
| Wages barely rose, which meant consumers couldn’t buy the stuff factories kept churning out |
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Term
| What problems did farming have during the 1920s? |
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Definition
| over producing crops and continuously falling crop prices |
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Term
| What happens when production of goods or crops exceeds the demand for it? |
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Definition
| the only way to sell the good is to drop the price lower and lower (example, selling Monster drinks to a class of students) |
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Term
| What were installment plans and why were they ultimately bad for the economy? |
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Definition
| it was a new way to borrow money that led to a lot of consumers in debt |
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Term
| How was wealth distributed during the 1920s? |
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Definition
| The rich got richer, while working americans saw their wages barely rise. |
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Term
| What problems faced the stock market during the 1920s? |
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Definition
| companies could lie about earnings, or report no information to investors |
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Term
| What problems led to a crisis in the banking industry? |
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Definition
| banks could invest in the stock market, and often failed and lost everyone’s deposits |
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Term
| What was the point of the Bank Holiday? |
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Definition
| to restore confidence in the banks |
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Term
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Definition
| Shanty towns named after Hoover, who was blamed for the Depression |
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Term
| What was the point of the WPA? |
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Definition
| to hire millions of unemployed americans and put them to work constructing public works |
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Term
| How did the Great Depression change the way people thought about the federal government? |
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Definition
| They started to think the gov’t should play an active role in the economy |
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Term
| credit allows people to live beyond their means. What’s that mean? |
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Definition
| They can spend more than they bring in from their jobs. |
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Term
| What stock market tactic got even more people in debt? |
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Definition
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Term
| What happened on Black Tuesday? |
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Definition
| The stock market crashed. Many banks and investors lost everything. |
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Term
| What was the goal of the Hawley-Smoot Tariff? |
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Definition
| IT was supposed to tax foreign goods, making people more likely to buy American stuff. |
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Term
| What happened to Latinos during the Great Depression? |
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Definition
| Many were forced out of the country. Known as repatriation. |
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Term
| What ended the Great Depression? |
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Definition
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Term
| Why was the Dust Bowl a disaster? |
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Definition
| Dust from the region formed into dust storms that swept the nation |
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Term
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Definition
| A ghetto community of shacks and “houses” made out of whatever could be found |
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Term
| What was the unemployment rate for black americans? |
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Definition
|
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Term
| where did Dust Bowl refugees eventually migrate to? |
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Definition
| The West Coast states, especially California |
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Term
| What was the point of the FDIC? |
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Definition
| to insure people’s deposits, and ensure confidence in the bank |
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Term
| What act not only created the FDIC, but forbid commercial banks from risky investments? |
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Definition
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Term
| What agency was created by the federal government to provide home loans at low rates? |
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Definition
| The Federal Housing Administration |
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Term
| Because of the FHA, what was kind of mortgage became common? |
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Definition
| 30 year loans, with low interest |
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Term
| Why did conservatives dislike the New Deal? |
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Definition
| they felt that the government was too involved in the economy |
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Term
| The CIO was a union that formed because the AFL failed to ... |
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Definition
| help low skilled factory workers |
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Term
| How did people feel about unions during the 1920s? |
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Definition
| They thought they were communists and anarchists |
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Term
| What happened to union membership during the 1930s? |
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Definition
| it blew up and and membership went from 3 million to 10 million. |
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Term
| What union originally formed to organize labor before the CIO came into existence? |
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Definition
| The AFL (American Federation of Labor) |
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Term
| What did the Social Security Act do? |
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Definition
| Provide an income to the elderly, the disabled, and the unemployed |
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Term
| What was FDR’s relationship to labor unions? |
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Definition
| He supported them and passed regulations and bills recognizing their right to unionize. |
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Term
| Why did people dislike the AAA (Agricultural Adjustment Act)? |
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Definition
| because the government paid farmers to destroy food and crops |
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