Market Challenges 1
by Jill Moore
1. the Great Depression
1.1. lasted ten years
1.2. began with the dramatic crash of the stock market on "Black Thursday", October 24, 1929
1.3. North America, Europe, and other industrialized areas of the world
2. the new deal
2.1. responded to needs for relief, reform and recovery from the Great Depression
2.2. established by Roosevelt
3. economic bill of rights
3.1. Roosevelt suggested a second bill of rights and said the country needed it
4. National Recovery Administration
4.1. goal was to eliminate "cut-throat competition" by bringing industry, labor, and government together to create codes of "fair practices" and set prices
5. The Federal Reserve
5.1. central banking system of the USA
6. the Great Recession
6.1. period of general economic decline observed in world markets during the late 2000s and early 2010s
7. recession
7.1. 2 quarters contraction
8. depression
8.1. 10% +
8.2. related to unemployment
9. John M. Keynes
9.1. "in the long run we are all dead"
9.2. hey said that contractions will happen and expansions will happen frequently
9.3. eventually there will be a high and then low and vice versa
10. taxation and government spending
10.1. can increase or decrease taxes
10.2. increase or decrease spending on roads, education, energy, military, etc.
11. people
11.1. Herbert Hoover
11.2. Franklin D. Roosevelt
11.3. John Maynard Keynes
11.4. F.A. Hayek
12. economic vocabulary
12.1. recession
12.2. expansion
13. Smoot-Hawley Act
13.1. implementing protectionist trade policies
14. types of economics
14.1. Interventionist
14.2. Laissez Faire
15. policies
15.1. monetary
15.2. fiscal
16. inflation
16.1. overall increase in prices/ devaluation of money
17. unemployment
17.1. people looking for jobs, unable to find them
18. GDP
18.1. gross domestic product
19. interventionist economics
19.1. fiscal policy
19.1.1. president of us and legislature
19.1.2. taxation and government spending
19.2. monetary policy
19.2.1. mostly legislatures but a president can veto