Great Depression Vocab

Note: Words in blue are not tested for students with individual education plans.

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bureaucracy – the government office workers and the government departments in which they work; the workers who make the basic functions of government work in practice.

capitalism – an economic system characterized by a reliance on the free market and the private ownership of the means of production (factories, etc.).

communism – The most extreme form of socialism, characterized by government control of the entire economy. In practice, this economic system has been directed by a powerful central government that limits democracy.

consumer credit – Unsecured loans given to average Americans to buy goods with money that they pay back slowly (car loans, early “credit cards”).

depression – a long and severe recession in an economy or market.

infrastructure – the basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.

Keynesianism – An economic approach that calls for increased government spending and lower taxes to stimulate demand and pull the economy out of a severe decline. Government will spend to cover its costs in the short run.

mass media – Radio, TV, Popular websites – Forms of information distribution aimed at large and untargeted audiences.

migrant labor – workers who travel from place to place doing seasonal work. Farm workers who pick and plant crops often fall into this category since they are not needed at all times during the year.

national debt – The accumulated total amount of money owed by a country to the foreign nations and wealthy people who have lent that nation money.

national deficit – the amount that a country borrows in any given year if it spends more than it takes in in taxes.

New Deal – President Roosevelt’s promises and program to rebuild the US economy after the Great Depression had started.

recession – a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in overall economic activity for at least six months.

socialism – Government ownership of at least some of the means of production (resources, factories, stores, etc.). An economic system that aims at equality for all members of society.

stock market – The financial arena where shares of ownership in public companies is bought and sold.

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