business terms to be familiar with gross domestic product – total value of all goods and services...
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Business terms to be familiar with
• Gross Domestic Product – total value of all goods and services produced in one country in one year.
• Unemployment Rate – The % of people out of work who are looking for work.
• Recession- A decrease in the GDP over a period of time.
• Depression – A major decrease, 10% or more, in the GDP over a period of time.
• Shares of Stock- A portion of a publicly owned company.
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Causes of the Great Depression
• Overproduction and under consumption of goods.
• Farm Debt / Credit Problems
• Uneven distribution of wealth
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Effects of the Great Depression
Stock Market Crash – Panic of 1929
Factories Close - 1931 Ford lays off 75,000
Unemployment Rises - 1932 13 million without jobs (25%)
GDP – Drops 33% from 1929-1933.
The Dust Bowl 1930 -1936
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Effects of the Great Depression
5,500 banks close and 9 million accounts vanish
Gross Domestic Product = 103 billion in 1929 GDP = 56 billion in 1933
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Hoover’s Philosophy1929-1932
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“The spread of government destroys initiative and thus
destroys character. Character is made in the community as well as in the individual by
assuming responsibilities and not escaping them.”
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Hoover’s Aid Policies
Reconstruction Finance Corporation
Agricultural Marketing Act
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Hoover’s Unpopularity
Hoovervilles
Bonus Army
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1933: A New President A New Deal
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New Deal Goals
Fix the Banks
Provide Jobs: Public Works Programs
Provide Relief
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The New DealGoals
Fix the Banks
March 6, 1933 close banks to inspect the financial health of all banks.
Establish the FDIC = Insure bank accounts up to 5,000
Reopen banks on March 16 and deposits exceeded withdrawals
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The New Deal Goals
Provide Relief
Federal Emergency Relief Administration (FERA) -Give money to local relief agencies.
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Provide JobsCivil Works Administration (CWA) = roads, parks, and airports
Civilian Conservation Corps (CCC) = forest, beach, and park maintenance/restoration
Public Works Administration (PWA) = dams and bridges
Tennessee Valley Authority = cheap electric power and flood control of the Tennessee Valley
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Stimulate Economic Recovery
National Recovery Administration (NRA) = regulate wages, working conditions, production, prices, minimum wage and collective bargaining.
Security and Exchange Commission (SEC) = regulate the stock market
Agricultural Adjustment Act (AAA) = raise crop prices through lowered production.
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The Second New Deal1935
Works Progress Administration (WPA) = provided 8.5 million jobs
Social Security Act (SSA) = pensions for workers, unemployment insurance, aid to dependent mothers and children, to the blind, and physically disabled
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New Deal Criticisms
Many acts deemed unconstitutional (too socialist)
Did not end discrimination to any minorities
Did not end the Great Depression