Exam (elaborations) CP

Inflation️️a general increase in prices and fall in the purchasing value of money. Deflation️️a decrease in the general level of prices CPI (Consumer Price Index)️️a measure of the overall cost of the goods and services bought by a typical consumer Real GDP️️the production of goods and services valued at constant prices Nominal GDP️️the production of goods and services valued at current prices unemployment rate️️the percentage of the labor force that is unemployed The Federal Reserve️️the central bank of the United States Tariff️️A tax on imported goods Stock Market️️A system for buying and selling shares of companies Great Depression️️A time of utter economic disaster; started in the United States in 1929. localism️️policy relied on by President Hoover in the early years of the Great Depression whereby local and state governments act as primary agents of economic relief Trickle Down Economics️️Hoover's strategy battling the Great Depression in which the money is given to the big corporations and eventually they will pay their workers more, and then the workers will spend their money and save the economy. Hoover Dam️️huge public works project on the Colorado River that provided jobs, water for irrigation, and power Bonus Army️️1932 - Facing the financial crisis of the Depression, WW I veterans tried to pressure Congress to pay them their retirement bonuses early. Congress considered a bill authorizing immediate assurance of $2.4 billion, but it was not approved. Angry veterans marched on Washington, D.C., and Hoover called in the army to get the veterans removed Herbert Hoover️️31st President of the United States - need to know responses to the Great Depression Franklin D. Roosevelt (FDR)️️Franklin D Roosevelt took office as president of the United States. He started his presidency off with the First Hundred Days, which was the beginning of the New Deal. During this period, FDR and congress passed hundreds of bills that promoted social welfare and initiated programs coined alphabet soup programs. Fireside Chats️️informal talks given by FDR over the radio; gained the confidence of the people FDIC (Federal Deposit Insurance Corporation)️️the government agency that insures customers' deposits if a bank fails CCC (Civilian Conservation Corps)️️relief that provided work for young men 18-25 years old in food control, planting, flood work, etc. NRA (National Recovery Administration)️️New Deal agency that promoted economic recovery by regulating production, prices, and wages PWA (Public Works Administration)️️New Deal agency that provided millions of jobs constructing public buildings TVA (Tennessee Valley Authority)️️gave jobs rebuilding the Tennessee Valley; brought flood relief and hydroelectric power to the area Works Progress Administration (WPA)️️Huge New Deal agency that helped create jobs for those that needed them. It created around 9 million jobs working on bridges, roads, and buildings. They also hired artists, teachers, writers and actors for public works projects John Maynard Keynes️️British economist whose theories helped justify New Deal deficit spending pump priming️️economic theory that favored public works projects because they put money into the hands of consumers who would buy more goods, stimulating the economy Social Security Act️️guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health Rural Electrification Administration (REA)️️The administration that provided electricity for rural America; utility co-ops. Example of Federal governments commitment to providing price supports, or subsidies, for agriculture. Wagner Act️️guaranteed the right of unions to organize and to collectively bargain with management. collective bargaining️️Process by which a union representing a group of workers negotiates with management for a contract Fair Labor Standards Act️️1938 act which provided for a minimum wage and outlawed child labor Court Packing️️Attempt by Roosevelt to appoint one