Market Challenges 1

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Market Challenges 1 by Mind Map: Market Challenges 1

1. people

1.1. Herbert Hoover

1.2. Franklin D. Roosevelt

1.3. John Maynard Keynes

1.4. F.A. Hayek

2. economic vocabulary

2.1. recession

2.2. expansion

3. the Great Depression

3.1. lasted ten years

3.2. began with the dramatic crash of the stock market on "Black Thursday", October 24, 1929

3.3. North America, Europe, and other industrialized areas of the world

4. the new deal

4.1. responded to needs for relief, reform and recovery from the Great Depression

4.2. established by Roosevelt

5. economic bill of rights

5.1. Roosevelt suggested a second bill of rights and said the country needed it

6. Smoot-Hawley Act

6.1. implementing protectionist trade policies

7. National Recovery Administration

7.1. goal was to eliminate "cut-throat competition" by bringing industry, labor, and government together to create codes of "fair practices" and set prices

8. types of economics

8.1. Interventionist

8.2. Laissez Faire

9. The Federal Reserve

9.1. central banking system of the USA

10. policies

10.1. monetary

10.2. fiscal

11. the Great Recession

11.1. period of general economic decline observed in world markets during the late 2000s and early 2010s

12. inflation

12.1. overall increase in prices/ devaluation of money

13. recession

13.1. 2 quarters contraction

14. unemployment

14.1. people looking for jobs, unable to find them

15. depression

15.1. 10% +

15.2. related to unemployment

16. GDP

16.1. gross domestic product

17. John M. Keynes

17.1. "in the long run we are all dead"

17.2. hey said that contractions will happen and expansions will happen frequently

17.3. eventually there will be a high and then low and vice versa

18. interventionist economics

18.1. fiscal policy

18.1.1. president of us and legislature

18.1.2. taxation and government spending

18.2. monetary policy

18.2.1. mostly legislatures but a president can veto

19. taxation and government spending

19.1. can increase or decrease taxes

19.2. increase or decrease spending on roads, education, energy, military, etc.

20. interest rates

20.1. discount rate: interest rate charged by the federal reserve to banks